Nottingham firm Ideagen celebrates 11th year of revenue growth
Posted on September 22, 2020 by Alistair Hardaker
Audit, risk and compliance software provider Ideagen has delivered its 11th consecutive year of revenue and EBITDA growth, it reports.
The business was started in 1995 by Mike Pound and Mike Bendall and now employs more than 50 people. It now has almost 6,000 customers across the world in industries such as life science, healthcare, aviation, banking and financial services.
The firm is headquartered in Nottinghamshire with satellite offices across the UK and locations in Bulgaria, Dubai and Malaysia.
For the financial year ending April 30, 2020, Ideagen reports revenue of £56.6m, which is an increase of 21% over 2019.
Recurring revenues rose to £43.1m from £31.2m in 2019. Annual Recurring Revenue increased from £36.4m to £48.7m in 2020.
SaaS revenues increased by 61% to £22.1m and now represent the largest sector of revenue.
Ideagen attracted 458 new customers, including SSE and Corbus Pharmaceuticals during the year and maintained its impressive 95% customer retention rate.
This year the firm enabled the World Health Organisation to hold its first digital World Health Assembly in May.
The organisation made three significant acquisitions in the financial year, which delivered on that strategy; Redland Business Solutions, Optima Diagnostics and Workrite.
Ben Dorks, CEO of Ideagen, said: “Our focus this year was on the execution and delivery of our growth strategy, both organically and through acquisitions. I am extremely proud of our performance in the last 12 months, which saw us reach the inflexion point in our transition to SaaS and deliver a strong financial performance. This was driven by our continued international expansion and innovative product offerings. Throughout the current period we remain well-positioned to support our customers now and in the longer term.
“We reacted quickly to the threat posed by the coronavirus pandemic and acted to reduce our cost base and secure a strong base from which to move forward.
“None of this would be possible without the incredible hardworking team at Ideagen. I want to pay tribute to the dedication of my colleagues and I am confident Ideagen is approaching the future from a position of strength.”
Ideagen has also recently completed the acquisition of key competitor, Qualsys, which adds to both the company’s portfolio of products and its recurring revenues.
“Our performance last financial year, together with our strong start to this financial year, gives the Board confidence in the prospects for Ideagen in the future,” added Ben.