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Ideagen shareholders back Hg bid

Published: 09:22 24 Jun 2022 BST

Ideagen PLC -

Ideagen PLC (AIM:IDEA) shareholders have agreed to the 350p-per-share takeover by private equity firm Hg Pooled Management.

The software company had been holding talks with rival private equity firm Astorg.

Ben Dorks, chief executive of Ideagen, said: "This is incredibly exciting news for Ideagen. Hg share our values and our ambition, whilst their operational experience in software has successfully helped businesses to accomplish their goals many times over. This new relationship will give us the ability to accelerate even faster, serve our customers better and scale our business further across the globe."

Hg partners Christopher Fielding, Joris Van Gool and Jean-Baptiste Brian, said chorused in a statement: "We are delighted that Ideagen's shareholders have voted in favour of this partnership with Hg. We have long recognised Ideagen as a high-quality software business and are excited about the future. Ben and the team will now have greater flexibility to execute and accelerate longer term growth plans, including investments in product, technology, talent and large scale, accretive M&A. Together we are in a great position and remain committed to ensure that Ideagen maintains and grows as a leader in the sector."

There was a flurry of takeover interest in Ideagen, which sells regulatory and compliance software to customers including Bank of New York, British Airways, Heineken and Johnson Matthey, with private equity group Cinven also interested. 

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