Listed software firm Ideagen is looking to raise £20 million to fund acquisitions and accelerate its growth plan.

The Nottingham-based company supplies information management software to highly regulated industries and intends to raise the capital from institutional investors in the UK and Europe through the placing of shares on the London Stock Exchange.

The firm, which recently acquired US-based SaaS business InspectionXpert for up to $7m, highlighted three targets which is hopes to take over in the coming months.

One it describes as “a competing governance, risk and compliance software provider in the UK and US” which it expects to pay £21m for in the next four weeks.

The other two are SaaS businesses with footholds in the aviation and environmental health and safety sectors which could each cost £2-3m and could be taken over in the next six months.

Ideagen also intends to increase its revolving credit facility with NatWest from £8m to £16m.