Ideagen, the Nottingham-based listed compliance software business, says it has made its first acquisition of the year.
It has paid £26.4 million for MailManager, a London-headquartered email management provider which helps businesses manage e-mails and which Ideagen says is complimentary to what it already offers.
It said: “Its software is designed to integrate into clients’ existing IT infrastructure to help file and search critical correspondence to improve productivity, ensure information visibility and accessibility, and to mitigate risk.”
The purchase expands Ideagen’s footprint in the UK and comes less than two months after the company announced it had raised £103.5 million to fund its acquisition pipeline and accelerate further growth.
Ideagen said MailManager has a particularly strong footprint in the architecture, engineering and construction sectors, where it sees “compelling cross-sell opportunities”.
Ideagen chief executive Ben Dorks said: "What a great way to start the new year by giving a very warm welcome to everyone at MailManager.
“It has a resilient business model, a quality customer base, a strong team and outstanding technology.
“MailManager joins our growing suite of leading collaboration software, enhances our ARR base and has a strong presence in key end markets where we expect to be able to drive group-wide growth.
“Our mission is to help customers effectively navigate highly regulated environments through great software and we look forward to making further complementary acquisitions from our pipeline in due course.”
Latest results showed annual revenues of £5.1 million for MailManager, while Ideagen said its own revenues were up a third to £38.8 million in the six months to October 31.
