Regulatory and compliance software provider for regulated industries Ideagen secured £100m through a new committed credit facility of £75m, with a further uncommitted of up to £25m.
The existing long-term bankers NatWest and new partner Santander have extended the company’s total available debt facilities. Ideagen will use the investment to continue its massive growth and support its future growth.
The Nottinghamshire-headquartered company acquired 21 companies in the UK and overseas in the past decade as part of its targeted acquisition strategy. Its next phase of growth will involve moving into additional new markets through further acquisitions, it said.
Ideagen, which provides quality, audit and risk software to organisations operating in highly regulated industries, has clients spanning sectors including aviation, financial services, life science, healthcare and manufacturing.
Ideagen continued to attract new customers despite the pandemic, including the likes of World Health Organisation, Baker Tilly, Voyageur, PHI Aviation and Sipchem.
Furthermore, it recorded revenue worth £65.6m last year, up by 16% from £46.7 million in 2019 year-on-year.
Commenting on the funding, Ideagen CEO Ben Dorks said, “As a SaaS business, we remain focused on growing recurring revenues and expanding our customer base. We continued to execute our strategy, achieving growth organically and through acquisitions, and I am grateful to our team for their effort this year.”
Echoing a similar sentiment, Santander UK relationship director Martin Brummitt added, “The growth of Ideagen over the past decade has been absolutely phenomenal, and as an ambitious, market-leading, high growth, and international trading firm, it aligns perfectly with our Corporate & Commercial Banking proposition. In addition to supporting Ideagen with a revolving credit facility, we are delighted to utilise our extensive international knowledge and expertise as well as our international banking and cash management solutions.”
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