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LONDON, July 17, 2019 /PRNewswire/ --
Ideagen, the UK-based, global software firm, today (Wednesday, July 17th) confirmed a decade of successive growth following the publication of its unaudited end of year results for the year ended 30th April 2019.
The Nottingham-headquartered company reported revenue and EBITDA had risen once more, by 29% to £46.7 million and 30% to £14.3 million.
Ideagen also recorded strong software as a service (SaaS) revenue numbers – up by 63% to £13.7 million – as it continues its strategic transition to a SaaS-based business model.
Recurring revenue represented 67% of the company's total revenue, while annual recurring revenue (ARR) rose 44% to £36.4 million.
Ben Dorks, Ideagen's CEO, said: "We are pleased to report that we have achieved our objectives this year, significantly increasing the Group's global footprint, particularly in the US, and delivering another year of strong revenue and profit growth, underpinned by excellent cash generation.
"Excellent strategic progress has been made, in particular with the three acquisitions completed during the year. This has strengthened our product range and keeps us well-placed to support our customers and capitalise on the significant market opportunities ahead."
There were also a number of operational highlights, particularly around the performance of Ideagen's acquired companies.
InspectionXpert – acquired in September, 2018 – added 900 US manufacturing customers, strong intellectual property, growing SaaS recurring revenues and a platform for growth in North America.
Scannell Solutions, the Irish-based SaaS company, provided Ideagen with the opportunity to accelerate its offerings for the Environmental Health, Safety and Quality (EHSQ) monitoring and auditing market.
Meanwhile, Ideagen's acquisition of Morgan Kai Ltd – it's largest to date at £20.5million – had brought with it 400 customers, doubling Ideagen's internal audit business.
David Hornsby, Ideagen's Executive Chairman, added: "The Group met or exceeded all key financial and operational objectives for the year including targets for revenue, profitability, organic growth, cash generation and customer retention.
"These results are underpinned by Ideagen's world class customer base, strong global reach, outstanding product set and proven and effective management team. These are the first set of results that we have announced following the appointment of Ben Dorks as Chief Executive in May 2018 and the board are delighted with the progress made under Ben's leadership."
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