A global software firm headquartered in Nottingham has struck a 拢57.7 million deal to acquire a technology company based in Australia.
The team at Ideagen PLC said the acquisition of Sydney-based business compliance software provider CompliSpace was its biggest to date.
They said the move would boost Ideagen鈥檚 presence in a new part of the world.
In a statement Ideagen said CompliSpace was a fast-growing provider of governance, risk, compliance (GRC) and policy management software for hundreds of organisations mainly in the education and social care sectors.
The new East Midlands owner already provides global software and services to more than 6,000 customers in industries such as aviation, financial services, life-sciences, healthcare and manufacturing.
It has operations throughout the 海角视频, US, Europe, Middle East and South-East Asia.
The acquisition is Ideagen鈥檚 24th since its admission to the Alternative Investment Market (AIM) on the London Stock Exchange, continuing what it said had been a successful strategy of growth via strategic acquisitions.
Ideagen chief executive Ben Dorks said: 鈥淲e see a significant opportunity to leverage CompliSpace鈥檚 Australian footprint with our existing product suite, while also expanding its customer base within Europe and North America 鈥 in line with our strategy to grow both our geographical and sector expertise.
鈥淲e are very excited to add CompliSpace to our business and underline our commitment to supporting customers operating in highly regulated environments with high quality software solutions across a range of platforms.鈥
He said CompliSpace鈥檚 software platform simplifies complex and time-consuming governance and compliance tasks covering policy management, learning and assurance by mapping a company鈥檚 policies and procedures to its regulatory obligations.
CompliSpace recorded revenue of AUD$15.4 million (around 拢8.4 million) and a loss before tax of around 拢2 million for the year to June 30, 2021, and had net assets of about 拢6.4 million.
The acquisition will be funded from Ideagen鈥檚 existing resources.
As part of the transaction, CompliSpace chief executive David Griffiths will remain as regional senior vice president, and will continue to hold a significant shareholding in the business.
He said: 鈥淛oining Ideagen ensures that CompliSpace can fulfil our vision and purpose beyond Australia, and support schools and aged care facilities to better service their customers across Asia, North America, the 海角视频 and Europe.
鈥淲e look forward to bringing Ideagen鈥檚 world-class risk and compliance software services to Australia, while taking our software, expertise and skills to the world.鈥
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