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IDEA Ideagen Plc

349.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ideagen Plc LSE:IDEA London Ordinary Share GB00B0CM0C50 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 349.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Ideagen PLC Acquisition of Workrite Ltd

06/03/2020 7:00am

RNS Non-Regulatory


TIDMIDEA

Ideagen PLC

06 March 2020

Ideagen PLC

("Ideagen" "the Company" or "the Group")

Acquisition of Workrite Ltd

Ideagen PLC (AIM: IDEA), a leading supplier of Information Management software to highly regulated industries, is pleased to announce the acquisition of the entire issued share capital of Workrite Ltd ("Workrite") for a net cash consideration of up to GBP6.8m (the "Acquisition").

Highlights

-- Workrite is a fast growing Software as a Service ("SaaS") business that has developed a SaaS based e-learning platform for the Occupational Health and Safety market

-- Workrite, based in West Sussex, has approximately 500 customers including the London Stock Exchange, Panasonic, Kings College London, The Law Society and Credit Suisse

-- On a current run rate Workrite is generating approximately GBP1.7m in revenues of which GBP1.6m is recurring

-- The Acquisition is expected to be earnings neutral in this financial year and in the first full year of ownership will contribute GBP0.7m additional EBITDA.

-- Workrite will become a key component of the Ideagen cloud proposition providing a content rich, scalable e-learning solution supporting the Group's strategy as a consolidator within the Global Quality, Health, Safety and Environmental ("QHSE") market

Consideration and source of funding

The initial cash consideration of GBP6.0m was paid on completion and a further payment of GBP0.8m will be made out of escrow on the first anniversary of the acquisition if certain business objectives are achieved.

The consideration will be funded from the Group's cash reserves and existing debt facility.

The board is pleased with the strong level of cash collections in the second half of the financial year which is running in line with expectations. The Group has extended the size of its debt facility from GBP28m to GBP40m to fund further acquisitions.

David Hornsby, Executive Chairman of Ideagen, commented ; " We are delighted to announce our third acquisition of the year. Workrite is highly complementary to Ideagen and in line with our strategy of acquiring businesses that have strong IP and recurring revenues. EHSQ is a valuable yet fragmented market and the acquisition will further enhance our market position providing a leading e-learning solution for new and existing customers.

Enquiries:

 
Ideagen plc                          01629 699100 
David Hornsby, Executive Chairman 
Ben Dorks, Chief Executive 
Graeme Spenceley, Finance Director 
 
finnCap Limited                      020 7220 0500 
Henrik Persson/James Thompson 
 (Nomad) 
Alice Lane (ECM) 
Canaccord Genuity Limited            020 7523 8000 
Simon Bridges 
Richard Andrews 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

March 06, 2020 02:00 ET (07:00 GMT)

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