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Ideagen acquires PleaseTech; raises £10m

By BFN News | 07:30 AM | Thursday 23 March, 2017

Ideagen has announced the conditional acquisition of PleaseTech for an initial net consideration of £10m (on a cash-free, debt-free basis) and a potential further consideration of up to £2m dependent on the attainment of specified performance targets in the six months after completion. The initial upfront consideration will be financed by an oversubscribed placing to raise £10m at 75p per new ordinary share. Ideagen said the acquisition and the placing were expected to be earnings enhancing for shareholders in the coming financial year to 30 April 2018. Chief executive David Hornsby said: "We are delighted to announce the acquisition of PleaseTech. "Its PleaseReview software is a valuable addition to Ideagen's product suite and is in line with our stated acquisition strategy. "PleaseTech both increases Ideagen's footprint in two of its key verticals and broadens its customer base geographically whilst providing valuable cross-selling opportunities and additional sources of recurring revenues. "We are delighted to have received commitments to raise £10m, in an oversubscribed placing, to fund the acquisition from both our existing shareholder base and from new significant institutional shareholders, their support endorses Ideagen's growth strategy." Story provided by

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