Software developer Ideagen is aiming to strengthen its position in the health and safety compliance market after acquiring a counterpart firm.
Optima Diagnostis, which trades as OSHENS, has developed software which is now used by about 80 customers including Airbus, BAE Systems and Edinburgh Airport.
The firm operates across markets such as aerospace and defence, aviation and energy and generates about £1 million in revenues.
It has been acquired by Ideagen, based in Nottinghamshire, in a £1.8 million deal.
Ben Dorks, Ideagen’s chief executive, said: "Optima is a successful and profitable software company which will significantly strengthen our QHSE (quality, health, safety and environment management) business unit.
“This is an exciting acquisition that will solidify our QHSE offering while strengthening our foothold in a strategic market for the company.
“Optima brings to the Group an impressive client base spread across several industries, many of which Ideagen currently operates in. We are looking forward to working with those clients, some of which will be new to Ideagen, whilst strengthening our relations with those that currently use Ideagen’s software.
“The acquisition of Optima marks an outstanding opportunity for both ourselves and our customers; significantly broadening our software capability and enhancing our overall QHSE business.”
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The announcement has come after Ideagen was named one of the fastest-growing businesses in the 海角视频 with its tenth year of growth in turnover. It stood at £36.1 million for the last available year.
The acquisition will lead to 11 employees joining Ideagen and Optima overall is expected to add £300,000 extra earnings after interest, tax and other variables.
David Hornsby, Ideagen’s executive chairman, added: "Optima is a valuable addition to Ideagen and is in line with our strategy of acquiring businesses that have strong IP and recurring revenues.
“QHSE is a valuable yet fragmented market and the acquisition will further enhance our market position as we aim to further consolidate this sector.”
The acquisition of Optima is Ideagen’s eighteenth in the last seven years and its third in 2019.