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Ideagen Q1 trading remains 'robust', acquires Qualsys

By Iain Gilbert

Date: Monday 10 Aug 2020

Ideagen Q1 trading remains 'robust', acquires Qualsys

(Sharecast News) - Software group Ideagen said on Monday that first-quarter trading had remained "robust" amid continued demand for its products from new and existing customers.
Ideagen stated certain sectors, such as financial services, pharmaceutical and its US Federal unit, were performing "particularly well" with notable contract awards from KPMG, GSK, Medtronics and Bank of Montreal.

The AIM-listed group also stated it was starting to see increased business activity and a growing pipeline within its manufacturing division but did caution that as expected, aviation work remained "suppressed but stable" as a result of Covid-19-related challenges.

Customer retention across all verticals was consistent with normal business conditions and net cash generated from operations was as expected, leaving the firm confident of continuing to perform in line with market expectations over the coming months.

Elsewhere, Ideagen acquired enterprise quality management software provider Qualsys on Monday for £15.6m in cash.

Ideagen anticipates that the acquisition will make a contribution of £600,000 to adjusted underlying earnings within the current trading year and £1.5m in the year ending 30 April 2022.

As of 0945 BST, Ideagen shares were up 4.68% at 184.24p.

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