Ideagen secures £1.2 million in new contracts since acquisition of Redland Business Solutions Ltd
25 September 2019
Ideagen, the UK-based, global supplier of integrated risk management software to organisations in highly regulated industries, announced today that it has secured £1.2 million in new contracts since the acquisition of Redland Business Solutions Ltd earlier this year.
Since acquisition, Redland has performed strongly securing nine new logo wins including prestigious clients such as Natixis, Alexander Hall, TPICAP and IG Group.
All new contract wins are for the supply of 'Insight', Redland's leading Senior Management and Compliance Regime (SMCR) software, and have significantly increased the Redland SMCR customer base to 49 from 40 at the time of acquisition.
Ben Dorks, Ideagen's Chief Executive Officer (pictured above), said: "We are delighted with the progress that the Redland business has made within such a short period of time.
"To win nine new, high-quality customers within the first three months following the acquisition is a clear indication of our leadership position within this high growth market and demonstrates the combined value of Redland and Ideagen."
Redland Business Solutions, based near Birmingham, UK, was acquired by Ideagen for £15.8 million in June this year.
The business is a RegTech software-as-a-service (SaaS) company which supplies regulatory and compliance software to the financial services industry. It’s ‘Insight’, software provides banks, investment managers, asset managers and insurance companies with solutions that underpin the Senior Managers & Certification Regime (SM&CR) and individual employee competency.
At the time of acquisition, the company brought with it prestigious clients to the wider Ideagen Group including 7 FTSE 100 and 2 Fortune 500 companies. Clients included Nomura, Santander, Investec, Hargreaves Lansdown and Rathbones.