Growing global software provider Ideagen has seen revenue climb by 16 per cent despite the pandemic.
The Nottingham business - which announced its audited results for the year end April 30, 2021 - says its strategic acquisition plan, a continued transition to a SaaS model and general market growth all contributed to its performance which is described as being 'in line with expectations.'
Ideagen - whose products make it easier, quicker and more cost effective for companies operating in regulated industries to meet their compliance, risk and quality, health, safety and environment obligations - saw revenues grow to £65.6 million.
International growth also continued, with overseas revenues now accounting for 56 per cent of total revenues - an increase of 13 per cent. The main markets for Ideagen are the US, Europe, south east Asia and the Middle East.
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During the financial year, Ideagen raised almost £50 million in order to fund its acquisition pipeline and completed three significant acquisitions - Qualsys, Huddle and Qualtrax - taking the total number of acquisitions Ideagen has made to 21.
And the company has already announced a further two acquisitions - and has the appetite, funds available and pipeline to support more.
This is in line with the firm's strategy to continue to grow based on product development and acquisitions that will enhance its offering to customers, speed entry to new sectors and expand the customer base geographically.
Ideagen CEO Ben Dorks said: "I am very proud of our performance in the past year despite the pandemic, which reflects our strong position and is testament to our commitment to becoming a SaaS business.
"Our Annual Recurring Revenue book (ARR) was up 50 per cent at approximately £69.3 million, so we approach the future from a position of strength and look forward to building on this momentum by continuing to invest in our people, develop our products, and serve our customers.
"Ideagen has an excellent foundation from which to fund continued growth and to develop a leadership position in the global market for compliance software for regulated industries.
"The dedication and resilience of the Ideagen team together with the continuing successful execution of our growth strategy give me great confidence about the current year and beyond."
