Ideagen agrees to acquire SaaS firm Optima Diagnostics
By Iain Gilbert
Date: Friday 11 Oct 2019
(Sharecast News) - Information management software provider Ideagen agreed to acquire software-as-a-service company Optima Diagnostics on Friday for a total of £1.8m.
Ideagen said the acquisition, which will be funded from existing resources, supported its strategy of consolidating within the global quality, health, safety and environmental software market.
The AIM-listed group expects the business to contribute an additional £300,000 to its full-year underlying earnings, following the realisation of identified synergies.
On its current run rate, Optima has generated roughly £1m in revenues, of which £900,000 was recurring, generating an EBITDA of £100,000.
Chairman David Hornsby said: ""Optima is a valuable addition to Ideagen and is in line with our strategy of acquiring businesses that have strong IP and recurring revenues.
"EHSQ is a valuable yet fragmented market and the acquisition will further enhance our market position as we aim to further consolidate this sector."
As of 0840 BST, Ideagen shares were up 0.60% at 149.90p.
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