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Ideagen appoints new CEO as it announces strong annual growth

Tuesday, May 8, 2018

Ben Dorks 1.jpg

Ben Dorks moves from Chief Customer Officer into the role of Chief Executive Officer as the company gets set to report a 33% rise in revenues

Ideagen, the quality, safety, audit, risk and performance management software specialist, has announced it has appointed a new Chief Executive Officer (CEO).

Ben Dorks, the company’s former Chief Customer Officer (COO), will replace David Hornsby, who steps into the role of Group Executive Chairman.

Mr Hornsby has led Ideagen’s operational strategy since 2009, successfully overseeing the company’s growth through a successful buy-and-build acquisition and integration programme.

He will continue to be responsible for Ideagen’s medium and long-term growth plans, focussing on Group strategy, mergers and acquisitions and investor relations.

Mr Dorks joined Ideagen following the acquisition of the Plumtree Group in 2013 and has risen through the ranks. Prior to being appointed CEO, he successfully guided the organisation’s global sales, marketing, product and professional services operations.

He will now be responsible for the day-to-day operations of the business with specific focus on operational performance, customer acquisition and retention and product development.

David Hornsby said: “I am delighted to move into the Executive Chairman role and also that Ben Dorks has accepted the position of Chief Executive Officer.

“We have worked with Ben for over five years and the Board believes strongly he has the necessary experience, focus and energy to develop and manage the people, systems and infrastructure to support our growth plans.”

Mr Dorks said: “This is an exciting opportunity and one that I am delighted to accept.

“Ideagen is entering the next phase in its growth strategy; a strategy that has been extremely successful and one that I have enjoyed being a part of since joining the Group.

“As we report on yet another fantastic year at Ideagen, I would like to congratulate our hugely dedicated staff on helping to deliver another great set of results and for continuing to exceed our customers’ expectations.

“As the business moves forward into a new financial year, there will be fresh challenges to overcome and great reward to be gained.

“I am extremely proud to be leading this team moving forward in my new role as CEO, and I am more confident than ever in the future success of the business.”

In other board changes, Ideagen announced that Jonathan Wearing has stepped down from his position as Non-Executive Chairman after 15 years in the role. Mr Wearing will remain on the Board as a Non-Executive Director and continue to add his expertise.

Mr Hornsby added: “I would like to thank Jonathan for his years of commitment to the Group as Chairman and I look forward to working with him in his new role.”

The board changes came as Ideagen announced it expects to record its 9thsuccessive year of adjusted revenue and EBITDA growth.

In a pre-close trading update, Ideagen results to 30th April 2018 were expected to be in line with market expectations. Among the highlights include revenues rising by 33% to approximately £36.1million, (FY2017: £27.1million) and adjusted EBITDA up 40% at approximately £11.0 million (FY2017: £7.9 million). There was also a significant increase in adjusted earnings per share (EPS), which continues to be an important financial metric for the Group.

Trading was once again strong across all key verticals with organic revenue growth of approximately 11 percent, generating a substantial increase in recurring revenues. Last year's acquisitions all contributed positively and the recently acquired Medforce Technologies Inc. is performing as expected. Cash generation remained robust.

Mr Hornsby added: “We are pleased to report that the Group has continued to perform well in delivering another year of high-quality earnings growth underpinned by strong cash generation.

“We continue to grow organically and to increase the percentage of our revenues derived from recurring business. The Group has significant contracted work in progress, a growing base of recurring revenues and a strong pipeline of new business opportunities which provides the Board with confidence for the current year and beyond.”

You can read the full trading update here.

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