Ideagen PLC Acquisition of Logen Ltd.
06 September 2016 - 4:01PM
RNS Non-Regulatory
TIDMIDEA
Ideagen PLC
06 September 2016
6 September 2016
RNS REACH
Ideagen PLC
("Ideagen" "the Company" or "the Group")
Acquisition of Logen Ltd.
Ideagen PLC (AIM: IDEA), a leading supplier of Information
Management software to highly regulated industries, is pleased to
announce that it has acquired Logen Ltd. ("Logen"), a company based
in Sofia, Bulgaria specialising in the provision of audit software
and related consultancy services.
Logen is a reseller of Ideagen's GRC audit management and risk
assessment solution, Pentana, with customers including the
Bulgarian National Revenue Agency, the Czech National Bank and the
Croatian National Bank. Logen has a current team of 5 employees who
have deep experience in audit-based analytics, particularly within
the financial and public sectors.
The acquisition will give Ideagen's existing customers access to
this expertise, as well as create a solid operational base in
central Europe from which we can enhance our sales reach and future
software development capacity.
The cost of the acquisition is an initial cash payment of
GBP0.1m with a further GBP0.1m to be paid in cash in 12 months
should Logen meet certain post acquisition targets. The acquisition
will not make a material contribution to revenues or profits this
financial year.
Enquiries:
Ideagen plc 01629 699100
David Hornsby, Chief
Executive
Graeme Spenceley, Finance
Director
finnCap Limited 020 7220 0500
Stuart Andrews/James
Thompson (Nomad)
Stephen Norcross (Corporate
Broking)
Alma PR 020 8004 4218
Hilary Buchanan
Josh Royston
About Ideagen Group plc
Ideagen is a UK company quoted on the London Stock Exchange AIM
market (Ticker: IDEA.L). Ideagen is a supplier of Information
Management software with operations in the UK, the United States
and the Middle East. The Company specialises in eGRC (Enterprise
Governance, Risk and Compliance) and Healthcare solutions for
organisations operating within highly regulated industries. With an
excellent portfolio of software products, Ideagen is able to
provide complete content lifecycle solutions that enable
organisations to meet their Regulatory and Quality Compliance
standards, helping them to reduce costs and improve efficiency.
The Group has a customer base of over 2,200 organisations using
the Ideagen suite of products, including many blue chip names such
as BAE Systems, Emirates, Shell and the European Central Bank as
well as 150 hospitals in the UK and US.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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