Redland Business Solutions Ltd Acquired by Ideagen PLC for £15.8M

Redland Business Solutions Ltd was today (Monday, June 10, 2019) acquired by leading global software business, Ideagen plc for £15.8m.

Joel Turland, Executive Chairman at Redland (pictured below), who – alongside current CEO Gary Muchmore – will step down from his position following the acquisition, said: “We are delighted that Redland will be joining the Ideagen Group, which truly is a global organisation in the governance, risk and compliance software space. With thousands of clients globally, Ideagen will be able to introduce our Insight product to a range of new clients.

“Ideagen is not just acquiring an outstanding product in the form of our ‘Insight’ solution, but is also gaining a superb team with exceptional industry domain knowledge which successfully develops, markets, sells and supports it across the UK.

“I am looking forward to seeing ‘Insight’ and the wider Redland team going from strength to strength with the expanded reach and opportunities available via Ideagen.”

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Redland currently generates revenue of circa £4.2 million – of which around £3 million is recurring. The company brings more than 40 clients to the Ideagen Group, including, 7 FTSE 100 and 2 Fortune 500 companies. Clients include Nomura, Santander, Investec, Hargreaves Lansdown and Rathbones.

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Ideagen CEO, Ben Dorks (pictured above), said: “Redland is a high growth, successful and profitable software company which will significantly strengthen our audit and risk business unit. It is a single product, brand rich organisation which cements our position in the financial services vertical and, at the same time, falls in line with our key business strategy of migrating to a SaaS business.

“This acquisition enhances Ideagen’s financial services domain knowledge and provides us with ‘first mover’ advantage in relation to SM&CR compliance and in the general regulatory evolution of the financial services industry.”

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David Hornsby, Executive Chairman of Ideagen (pictured above), said: “Redland is an extremely valuable addition to the Group and is in line with our strategy of acquiring Integrated Risk Management businesses that have strong intellectual property (IP) and growing recurring revenues.

“Financial services is an important vertical market for Ideagen and the combination of Redland’s Insight platform with Ideagen’s Pentana will provide a compelling proposition covering internal audit, risk management, certification and SM&CR compliance.”

To find out more about Ideagen PLC, click here www.ideagen.com

By Laurie McNamee from Redland Business Solutions


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