Ideagen, the UK based, global software firm, has delivered its ninth consecutive year of positive results, following a 12-month period of organic growth and acquisitions.
Total revenue was £36.1m, up 33% on the 2017 figure of £27.1m, with organic growth accounting for 11% of that increase. Adjusted EBITDA was £11m, a 40% increase on the 2017 figure of £7.9m and adjusted profit before tax (PBT) was also up 40% at £9.7m v £6.9m last financial year. Revenue from SaaS (cloud-based software services) rose by 76% to £8.4m from £4.8m in 2017.
Operational highlights during the year included the acquisition of US-based Medforce Technologies Ltd, which added 300 US healthcare customers, strong intellectual property and recurring revenues. The acquisition also provided the company with a platform for further growth in North America.
Ideagen also announced that the company had benefitted from strong international growth, particularly in its SaaS offerings, with 78% of all new SaaS logo wins coming from outside of the UK while SaaS bookings in total experienced a 174% rise.
Executive Chairman and former CEO, David Hornsby, said: “The Group's focus this year was on the continuation of our underlying organic growth and strategic transition to a recurring revenue model whilst integrating the four acquisitions made in the previous year.
"We have achieved all of our objectives and have significantly increased the Group's global footprint and delivered another set of excellent results.
"In April, the Group announced its first US-based acquisition which will further strengthen our North American opportunity.
"Trading since the year end has remained robust and we continue to see strong demand for our products from new potential customers. Moreover, our growing recurring revenues and the repeat business derived from more than 3,700 customers provides the Board with confidence in the prospects for the Group for the current year and beyond."
Mr. Hornsby added: "As this is the last set of results under my tenure as Chief Executive, I would like to thank all of our employees, customers and shareholders for their support over the past nine years."
Ben Dorks (pictured above), who was promoted from Chief Customer Officer to CEO in May, said: “One of the key highlights was the acquisition of US firm, Medforce in April, 2018. Medforce is a profitable, growing and cash-generative healthcare software company, known for developing the ‘Centre’ suite of enterprise management, workflow and compliance software, which is used by more than 300 US-based healthcare providers.
"This acquisition broadens our relationships in an already strong sector for us, enhances our geographical reach and provides an additional source of recurring revenue.
"Ideagen remains committed to an ongoing buy and build strategy and we expect to complete further acquisitions this financial year."
Ideagen develops software that allows businesses in regulated sectors, such as aviation, aerospace & defence, banking, manufacturing and pharmaceuticals, to meet their safety, compliance, audit and risk requirements. Household names, including the International Airlines Group, owners of British Airways and Iberia among others, Heineken and European Central Bank trust Ideagen to provide these crucial software solutions for them.