Listed software solutions provider Ideagen plc has acquired Huddle.
Founded in 2006, Huddle is a cloud-based secure document collaboration and compliance software supplier boasting more than 380 customers - including a number of Government departments in the 海角视频 and the US as well as big-name companies such as EDF Energy, Disney and the National Audit Office.
Now Nottingham-based Ideagen has acquired the company in what is its 'largest ever' acquisition.
It comes just weeks after the company raised £48.7m to fund its acquisition pipeline.
The purchase of Huddle is Ideagen's 20th acquisition and will continue a 'very successful strategy of growth'.
Ideagen CEO Ben Dorks, said: "The acquisition of Huddle is our biggest ever and I am hugely excited by the opportunities it will provide us with. Bringing together Huddle and our PleaseReview package will result in a hugely compelling offering of secure document collaboration and compliance software that will meet the needs of the toughest regulatory environment.
"This means we will be extremely well placed to take advantage of the growth in regulatory requirements and the increased need for people to be able to work remotely, while maintaining the ability to collaborate on projects."
Mark Wrighton, Huddle CEO said: "I'm excited about this positive outcome for our investors, but even more so for the Huddle team and our customers given the strong strategic fit and expanded platform capabilities we will have as part of the Ideagen group."
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Ideagen recorded its 11th consecutive year of revenue and profit growth in October 2020 and the indicative half year results published last month revealed a positive first six months of this financial year.
As well as strengthening Ideagen’s offering of products for highly regulated and security conscious industries, Huddle brings with it an expected annual recurring revenue of £10.5m.
Mr Dorks added: "I am extremely grateful to the team at Ideagen for their dedication and support throughout this year. Being able to close the calendar year with such exciting news and with so much potential ahead of us is a tremendous feeling. I am very proud of what we have all achieved this year and look forward to more success ahead."