Ideagen (IDEA)

Sector:

IT Services

Index:

FTSE AIM 100

207.00p
   
  • Change Today:
      18.00p
  • 52 Week High: 207.00
  • 52 Week Low: 135.50
  • Currency: UK Pounds
  • Shares Issued: 226.58m
  • Volume: 2,737,558
  • Market Cap: £469.03m

Ideagen acquires Workrite in ?6.8m deal

By Josh White

Date: Friday 06 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Information management software company Ideagen announced the acquisition of the entire issued share capital of Workrite for a net cash consideration of up to ?6.8m on Friday.
The AIM-traded firm described Workrite as a "fast growing" software-as-a-service (SaaS) business, that has developed a SaaS based electronic learning platform for the occupational health and safety market

It said Workrite, based in West Sussex, has around 500 customers including the London Stock Exchange, Panasonic, King's College London, The Law Society and Credit Suisse

On a current run rate, Workrite was generating around ?1.7m in revenues, of which ?1.6m was recurring.

The acquisition was expected to be earnings neutral in the current financial year, and in the first full year of ownership, would contribute ?0.7m additional EBITDA.

Ideagen said Workrite would become a "key component" of the Ideagen cloud proposition, providing a content rich, scalable e-learning solution, supporting its strategy as a consolidator within the global quality, health, safety and environmental (QHSE) market.

The initial cash consideration of ?6.0m was paid on completion, and a further payment of ?0.8m would be made out of escrow on the first anniversary of the acquisition, if certain business objectives were achieved.

Ideagen said the consideration would be funded from its cash reserves, and existing debt facility.

The board said it was "pleased" with the strong level of cash collections in the second half of the financial year, which was running in line with expectations.

It said it has extended the size of its debt facility from ?28m to ?40m, to fund further acquisitions.

"We are delighted to announce our third acquisition of the year," said executive chairman David Hornsby.

"Workrite is highly complementary to Ideagen and in line with our strategy of acquiring businesses that have strong intellectual property and recurring revenues.

"QHSE is a valuable yet fragmented market and the acquisition will further enhance our market position providing a leading e-learning solution for new and existing customers."

At 1109 GMT, shares in Ideagen were down 4.37% at 175p.

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Ideagen Market Data

Currency UK Pounds
Share Price 207.00p
Change Today 18.00p
% Change 9.52 %
52 Week High 207.00
52 Week Low 135.50
Volume 2,737,558
Shares Issued 226.58m
Market Cap £469.03m

Ideagen Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.65% below the market average99.65% below the market average99.65% below the market average99.65% below the market average99.65% below the market average
97.89% below the sector average97.89% below the sector average97.89% below the sector average97.89% below the sector average97.89% below the sector average
Price Trend
89.18% above the market average89.18% above the market average89.18% above the market average89.18% above the market average89.18% above the market average
78.64% above the sector average78.64% above the sector average78.64% above the sector average78.64% above the sector average78.64% above the sector average
Income
93.11% below the market average93.11% below the market average93.11% below the market average93.11% below the market average93.11% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
81.99% above the market average81.99% above the market average81.99% above the market average81.99% above the market average81.99% above the market average
85.26% above the sector average85.26% above the sector average85.26% above the sector average85.26% above the sector average85.26% above the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Ideagen Dividends

  Latest Previous
  Interim Final
Ex-Div 27-Feb-20 07-Nov-19
Paid 18-Mar-20 26-Nov-19
Amount 0.10p 0.19p

Trades for 29-May-2020

Time Volume / Share Price
16:51 72,330 @ 207.00p
17:01 20,000 @ 192.50p
16:51 15,187 @ 207.00p
16:51 15,187 @ 207.00p
16:36 210,653 @ 207.00p

Ideagen Key Personnel

CFO Graeme Spenceley
CEO Ben Dorks
COO Barney Kent

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