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10 Jun 2019 | 07:39

Ideagen acquires Redland Solutions for £15.8m

Risk Management software provider Ideagen acquired Redland Solutions for £15.8m. Redland supplied software to the financial services industry, and its SaaS platform 'Insight' provided banks, investment managers, asset managers and insurance companies with solutions that underpin the Senior Manager & Certification Regime (SMCR) and individual employee competency, the company said. Redland's current run rate revenues were approximately £4.2m and current run rate costs were approximately £2.7m The acquisition would be immediately earnings enhancing and expected to add mid-single digit accretion within the current financial year, the company added. 'Redland is an extremely valuable addition to the Group and is in line with our strategy of acquiring Integrated Risk Management businesses that have strong IP and growing recurring revenues,' said David Hornsby, Executive Chairman of Ideagen. 'Financial Services is an important vertical market for Ideagen and the combination of Redland's Insight Platform with Ideagen's Pentana will provide a compelling proposition covering internal audit, risk management, certification and SMCR compliance.'

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