Ideagen PLC - Nottinghamshire, England-based information management, safety, risk and compliance software provider - Purchases two audit technology firms for total of more than USD45 million. Will buy Ives Group Inc, trading as Audit Analytics, an audit software specialist with last reported revenue of USD10.7 million. Ideagen has agreed to pay an initial USD44.9 million with a further earnout of USD5 million conditional upon achieving annual recurring revenue of USD13 million within 24 months.
Also buys Ai XPRT, a fintech firm specialising in software aimed at automating the auditing of financial documents. Ideagen has made an initial cash payment of GBP2 million with an additional earnout payment of up to GBP4 million on the second anniversary of completion, subject to certain performance criteria.
The acquisitions bolster Ideagen's position as the audit and advisory system of choice to the compliance industry, accelerate AI functionality across the Ideagen portfolio, and increase annual recurring revenue, it says.
Current stock price: 283.50 pence, up 5.6% Wednesday
Year-to-date change: up 1.3%
By Will Paige; willpaige@alliancenews.com
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