Country for PR: United Kingdom
Contributor: PR Newswire Europe
Wednesday, July 17 2019 - 16:05
Ideagen Confirms Decade of Successive Growth in Strong End of Year Results
LONDON, July 17, 2019 /PRNewswire-AsiaNet/ --

- 29% increase in revenues 
- EBITDA rises 30% 
- Software as a Service (SaaS) revenues up 63% 
- Strong international growth thanks to new global clients and operational 
expansion in the US and SE Asia 
- Solid performances from acquisitions

Ideagen, the UK-based, global software firm, today (Wednesday, July 17th) 
confirmed a decade of successive growth following the publication of its 
unaudited end of year results for the year ended 30th April 2019.

The Nottingham-headquartered company reported revenue and EBITDA had risen once 
more, by 29% to £46.7 million and 30% to £14.3 million.

Ideagen also recorded strong software as a service (SaaS) revenue numbers – up 
by 63% to £13.7 million – as it continues its strategic transition to a 
SaaS-based business model.

Recurring revenue represented 67% of the company's total revenue, while annual 
recurring revenue (ARR) rose 44% to £36.4 million.

Ben Dorks, Ideagen's CEO, said: "We are pleased to report that we have achieved 
our objectives this year, significantly increasing the Group's global 
footprint, particularly in the US, and delivering another year of strong 
revenue and profit growth, underpinned by excellent cash generation.

"Excellent strategic progress has been made, in particular with the three 
acquisitions completed during the year. This has strengthened our product range 
and keeps us well-placed to support our customers and capitalise on the 
significant market opportunities ahead."

There were also a number of operational highlights, particularly around the 
performance of Ideagen's acquired companies.

InspectionXpert – acquired in September, 2018 – added 900 US manufacturing 
customers, strong intellectual property, growing SaaS recurring revenues and a 
platform for growth in North America.

Scannell Solutions, the Irish-based SaaS company, provided Ideagen with the 
opportunity to accelerate its offerings for the Environmental Health, Safety 
and Quality (EHSQ) monitoring and auditing market.

Meanwhile, Ideagen's acquisition of Morgan Kai Ltd – it's largest to date at 
£20.5million – had brought with it 400 customers, doubling Ideagen's internal 
audit business.

David Hornsby, Ideagen's Executive Chairman, added: "The Group met or exceeded 
all key financial and operational objectives for the year including targets for 
revenue, profitability, organic growth, cash generation and customer retention.

"These results are underpinned by Ideagen's world class customer base, strong 
global reach, outstanding product set and proven and effective management team. 
These are the first set of results that we have announced following the 
appointment of Ben Dorks as Chief Executive in May 2018 and the board are 
delighted with the progress made under Ben's leadership." 

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Source: Ideagen Plc