Ideagen announces acquisition of PleaseTech Ltd
UK-based PleaseTech specialises in the development of software solutions for collaborative authoring and review of corporate documentation.
PleaseTech has over 180 customers worldwide using its PleaseReview software product including 70% of leading pharmaceutical and biotech organisations and four of the largest defence organisations globally. PleaseTech also has a significant customer base in government, transport and manufacturing.
Ideagen CEO, David Hornsby, said the acquisition would consolidate the company’s position in several industries, particularly within Life Sciences.
He stated: “PleaseTech brings to the Group outstanding intellectual property in the form of its PleaseReview software which will complement our existing product suite, particularly helping to strengthen our position in Life Sciences.
“The acquisition will also see the integration of PleaseTech’s experienced and talented workforce into the wider Ideagen Group and boosts our existing client base with the addition of over 180 new customers across a variety of industries.”
He continued: “The acquisition of PleaseTech is an exciting addition and a significant development in the future of Ideagen. It once again re-iterates our commitment to our long-term growth strategy of acquiring business with strong IP and healthy recurring revenues.”
Founded in 2002, PleaseTech employs 42 staff with key customers including the US Navy, European Union Agency for Railways (ERA), NATS and the International Energy Agency.
Its PleaseReview software provides simultaneous, controlled and secure collaboration for review, co-authoring and redaction resulting in faster document development and enhanced quality. Reporting and metrics ensure transparency, accountability and facilitate process improvements.
PleaseTech Ltd’s CEO, David Cornwell, said: “Ideagen will provide the support required to take PleaseTech through the next phase of growth.
“Ideagen not only has our required profile for taking us to the next level, it has the necessary size and, is a complementary software business which will help the fit from a cultural perspective.
“Ideagen is not just acquiring an outstanding product in PleaseReview, but also a superb team which not only created PleaseReview but markets, sells and supports it across the globe. I am looking forward to seeing PleaseReview and the team going from strength to strength with the expanded reach and opportunities available via Ideagen.”
The purchase of PleaseTech is Ideagen’s 12th in nine years. In 2016, the company made three successful acquisitions in IPI Solutions Ltd, Covalent Software Ltd and Logen Ltd.