Acquisition of Ideagen
24 June 2022
Ideagen is pleased to announce that at the court and general meetings held yesterday (Thursday 23 June 2022) the relevant resolutions were considered and approved in relation to the acquisition of Ideagen plc by Rainforest Bidco Limited, a newly-incorporated wholly-owned subsidiary of funds managed by Hg.
The acquisition is being implemented by means of a court-sanctioned scheme of arrangement and remains subject to sanction by the court.
The full results announcement can be found here.
Speaking following the outcome of the vote Ideagen CEO, Ben Dorks said: "This is incredibly exciting news for Ideagen. Hg share our values and our ambition, whilst their operational experience in software has successfully helped businesses to accomplish their goals many times over. This new relationship will give us the ability to accelerate even faster, serve our customers better and scale our business further across the globe.
"I want to take the opportunity to thank those at the heart of our success, including our colleagues around the globe working hard to provide trusted software solutions that help protect organisations, as well as tens of thousands of customers we work with. We are on an exciting journey of growth and progression, one that continues to deliver solutions to help improve operational efficiency, maintain compliance, manage risk and keep people safe."
Hg is a leading software and services investor with more than 20 years of industry experience in building and rapidly growing innovative software businesses, including UK-based businesses such as IRIS Software Group and The Access Group.
Hg provides technology experience and dedicated operational support to management teams looking to scale and have a current portfolio of over 45 software and technology businesses, representing over 55,000 employees globally, with a proven track record of successfully scaling businesses in the UK.
Christopher Fielding, Joris Van Gool and Jean-Baptiste Brian, Partners at Hg, said:
“We are delighted that Ideagen’s shareholders have voted in favour of this partnership with Hg. We have long recognised Ideagen as a high-quality software business and are excited about the future.
"Ben and the team will now have greater flexibility to execute and accelerate longer term growth plans, including investments in product, technology, talent and large scale, accretive M&A. Together we are in a great position and remain committed to ensure that Ideagen maintains and grows as a leader in the sector.”