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Acquisition and placing
- Published:
23 Mar 2017 -
Author:
Andrew Darley -
Pages:
12
Ideagen has announced the acquisition of PleaseTech, a software provider specialising in providing simultaneous, controlled, and secure collaboration for document review, co-authoring and redaction, incorporating an audit trail of transparency and accountability. The acquisition includes £10m initial cash consideration and £2m deferred conditional consideration, funded by a £10m placing at 75p. The acquisition, as ever, demonstrates the Ideagen strategic logic of adding complementary quality compliance software with significant cross sales potential; this deepens potential relationships in existing core sectors (life sciences, aerospace & defence) as well as adding new customers, and strength in the US; and provides an additional source for recurring revenue, encouraging group visibility and earnings quality. Target lifted to 98p.