IDEA.L Share News (IDEA)

(ShareCast News) - Ideagen, a supplier of information management software, on Monday announced the acquisition of Ocalent Software for a net cash consideration of £3.5m.The group said the purchase of software company Covalent is in line with its "strategy of acquiring complementary businesses with strong IP and recurring revenues".The acquisition is expected to be immediately earnings enhancing.Ideagen chief executive David Hornsby said: "Covalent has established an extremely compelling value proposition and brings to the group a complementary cloud solution offering, a talented workforce and long-term customer relationships which further consolidates our position in the NHS, local government and financial services verticals."