GRC software management solutions developer Ideagen has agreed to a £1.05bn ($1.3bn) acquisition offer from private equity firm Hg Pooled Management.
The all-cash deal sees Hg buy the shares at 350 pence apiece, which marks a 52% premium of its closing price on April 11, according to a report from Insider Media Limited.
In a joint statement, Hg partners Christopher Fielding, Joris Van Gool and Jean-Baptiste Brian, said, “At Hg, we have spent over 20 years focused on the business-to-business software space. We have long admired how Ben and his highly motivated team have grown Ideagen into a leader in its sector.
“Our experience in the sector gives us strong conviction that Ideagen represents a high-quality platform, and we are committed to providing additional capital and resources that are required to further support and enhance Ideagen’s next phase of growth.”
Fellow private equity firm Cinven had also been exploring a potential acquisition offer for Ideagen but withdrew last week.
Ideagen is a GRC software developer, with solutions for documents, audits, quality, safety and risk, regulatory and environmental needs. Its services are used across the financial services, healthcare, life science, aviation, aerospace and defence and other sectors.
Earlier in the year, Ideagen revealed a new health, safety and environment edition of its e-learning solution Q-Pulse WorkRite. This edition forms a complete package of CPD and ROSPA accredited courses and provides its users with confidence that their firms will stay up to date and in-line with their regulatory and legal obligations.
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