Ideagen PLC Acquisition of Scannell Solutions Ltd (9403M)
January 14 2019 - 1:00AM
UK Regulatory
TIDMIDEA
RNS Number : 9403M
Ideagen PLC
14 January 2019
14 January 2019
Ideagen PLC
("Ideagen" "the Company" or "the Group")
Acquisition of Scannell Solutions 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
Scannell Solutions Ltd ("Scannell") for a total cash consideration
of GBP3.5m (the "Acquisition").
Highlights
-- Scannell is a Software as a Service (SaaS) company that has
developed a functionally rich content enabled Environmental Health,
Safety and Quality (EHSQ) platform.
-- Scannell, based in the Republic of Ireland, has approximately
100 customers including Intel, Johnson and Johnson, BT, Heineken
and Coca Cola.
-- This Acquisition supports the Group's product roadmap
providing the technology and content to accelerate our EHSQ
strategy.
-- On a current run rate Scannell is generating approximately
EUR1m in revenues of which EUR0.7m is recurring and is
breakeven.
-- The Acquisition is expected to be earnings neutral in this
financial year and in the first full year of ownership will
contribute EUR0.3m additional EBITDA following the realisation of
identified synergies.
Consideration for the Acquisition
The total consideration payable of GBP3.5 million is in cash and
will be paid as follows:
-- GBP3.0m is payable on completion;
-- GBP0.5m is deferred for 12 months.
The consideration will be funded from the Group's existing cash
reserves and debt facility.
David Hornsby, Executive Chairman of Ideagen, commented;
"Scannell is a valuable addition to Ideagen and is in line with our
strategy of acquiring GRC businesses that have strong IP and
recurring revenues. EHSQ is a fast growing market and the
acquisition will significantly enhance our product and market
position."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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)
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END
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