Ideagen record positive results despite COVID-19

Technology
Ben Dorks CEO Ideagen
Ben Dorks, CEO, Ideagen

Ideagen, has released its half year results, recording positive results of 20% ARR growth and adjusted EBITDA growth of 25%.

The ARR book (the contracted revenue to be delivered over the coming 12 months) has increased by 13% during the first six months to approximately £54.8m (April 2020: £48.7m), arising from both strong organic growth of approximately 7% (13% on an annualised basis) and 6% of acquired ARR from the acquisition of Qualsys in August 2020.

CEO of Ideagen Plc, Ben Dorks, said: “I am pleased to report another excellent first half of Ideagen’s financial year. We continue to execute our strategy, delivering growth both organically and through acquisitions, and have invested in the Group without compromising our disciplined approach to costs. Our business model has remained resilient throughout the pandemic, with growth being driven from a number of industries.

“Cash generation has been strong which, coupled with further growth in new SaaS recurring revenues and an increase in repeat business from our growing customer base, provides a strong platform for the second half. Given the size and longevity of the Regulatory and Compliance market and the Group’s position as a leader in the space, the Board is optimistic about our continued growth prospects.”

Ideagen Plc have also made a strong start to the second period of the financial year with the purchase of Huddle for £28m, it’s largest ever acquisition.

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