Ideagen buys Bulgaria's Logen for £100,000

Information management software provider Ideagen bought its Bulgarian audit software reseller, Logen for £100,000.

Payment will consist of an initial £100,000 with a further £100,000 to be paid in cash in 12 months time if Logen meets post acquisition targets.

The AIM-listed company said the acquisition will not contribute to revenues or profits this financial year.

The acquisition will give Ideagen's customers access to audit-based analytics expertise, as well as create a base in central Europe which could enhance sales and software development.

Logen, which has a team of five, resold Ideagen’s audit management and risk assessment solution, Pentanna, to the Bulgarian National Revenue Agency, the Czech National Bank and the Croatian National Bank.

Ideagen has over 2,200 customers using its products, including BAE Systems, Emirates, Shell and the European Central Bank as well as 150 hospitals in the UK and US.

Following the news finnCap analyst Andrew Darley reiterated his 69.0p target on the shares.