A global software firm headquartered in Nottingham has released figures showing the speed at which it has grown over the past few years.
Management at Ideagen said they were not planning to let up on the growth rate as they announced a fresh funding package of £100 million to support further organic growth, future acquisitions and investment in new products and markets.
The new money from NatWest and Santander 海角视频 comprises a three-year revolving credit facility split evenly across the two banks.
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Some £75 million of the package is committed and there is scope for a further uncommitted £25 million to support future growth.
Despite the global pandemic, Ideagen – which provides quality, audit and risk software – has continued to perform well in recent months, reporting its 12th consecutive year of revenue and profit growth.
For the financial year ending April 30, it recorded revenues of £65.6 million, up 16 per cent from the £56.6 million reported in 2020. The 2020 revenues were themselves up 21 per cent on 2019.
The business attracted 458 new customers during its last financial year, including SSE and Corbus Pharmaceuticals.
And it said it maintained its “impressive” 95 per cent customer retention rate.
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Ideagen said the latest financial support came on the back of figures showing that over the last 10 years it has:
- made 21 acquisitions in companies in the 海角视频 and overseas
- built a presence in 150 countries
- built “centres of excellence” in the 海角视频, Europe, America, UAE and South East Asia.
- grown its staff by 5,000 per cent
- increased its client base by 23,000 per cent to more than 5,700 organisations in sectors including aviation, financial services, life science, healthcare and manufacturing
- sold its software to nine of the top 10 海角视频 accounting firms, all of the top aerospace and defence companies and 75 per cent of leading pharmaceutical firms
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- worked with global brands such as Heineken, British Airways, BAE, Aggreko, US Navy, Bank of New York and Johnson Matthey, as well as 250 hospitals across the 海角视频 and US.
Emma Hayes, Ideagen chief financial officer, said: “Securing an additional line of credit with Santander 海角视频, in addition to our existing facilities with NatWest, is a fantastic endorsement of our strategy from two leading financial institutions.
“Despite the pandemic, we have had another successful year and I am looking forward to working with Santander 海角视频 and NatWest to deliver further growth for our business and more good news for our shareholders.”
Mike Malone, director of 海角视频 financing solutions at NatWest, said: “NatWest are delighted to provide continued and increased financing support to our long standing, much valued client Ideagen.
“Having had the privilege to work alongside Ideagen as their strategic banking partner for a number of years, we have been incredibly impressed by their values, their ambition and the market leading growth the management team have delivered.
“We very much look forward to working alongside Ideagen in to the future and supporting their continued growth and success.”
Martin Brummitt, relationship director at Santander 海角视频, said: “The growth of Ideagen over the past decade has been absolutely phenomenal, and as an ambitious, market leading, high growth, and internationally trading firm, it aligns perfectly with our corporate and commercial banking proposition.
“In addition to supporting Ideagen with a revolving credit facility, we are delighted to utilise our extensive international knowledge and expertise as well as our international banking and cash management solutions.”