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14 Jan 2019 | 08:54

Ideagen acquires Scannell for £3.5m

Software company Ideagen said Monday it had acquired Software as a Service company Scannell for £3.5m.

The acquisition was expected to accelerate the group's Environmental Health, Safety and Quality (EHSQ) strategy and contribute €0.3m additional earnings (EBITDA) in the first full year of ownership.

Scannell, based in the Republic of Ireland, had approximately 100 customers including Intel, Johnson and Johnson, BT, Heineken and Coca Cola.

On a current run rate Scannell was generating approximately €1m in revenues of which €0.7m was recurring and is breakeven, the company said. 'Scannell is a valuable addition to Ideagen and is in line with our strategy of acquiring GRC businesses that have strong IP and recurring revenues. EHSQ is a fast growing market and the acquisition will significantly enhance our product and market position,' the company said.



At 8:54am: (LON:IDEA) Ideagen share price was -1p at 124.5p

Story provided by StockMarketWire.com
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