Ideagen raises £104m in oversubscribed placing, PrimaryBid offer

Information management software company Ideagen said on Thursday that it raised gross proceeds of £103.5m through a placing and an offer on the PrimaryBid platform, to fund its growth plans in the governance, risk and compliance sector.

The AIM-traded firm said the placing consisted of 37,037,037 new shares, and subscriptions via PrimaryBid totalled a further 1,296,297 new shares, both at a price of 270p each.

It said the placing was oversubscribed, and added that the price represented a 1.6% discount to the volume-weighted average closing price for the 15 days ended 7 December.

Ideagen said the fundraising shares represented 15% of its current issued share capital.

“Ideagen operates in a large growing sector - the $30bn governance, risk and compliance software market,” said chairman Richard Longdon.

“Our purpose is simple - making complying with regulation easy, quick and cost effective.

“At our recent capital markets day, we set out our plan to capture this market opportunity and reach £200m annual recurring revenues by April 2025 through a combination of organic growth and acquisitions.”

Longdon said he was “very pleased” to announce the conclusion of the oversubscribed fundraising, adding that it reflected “strong” investor support for Ideagen’s strategy.

“The proceeds will support our healthy pipeline of acquisitions to add adjacent capabilities and broaden our geographic reach.

“We have a strong record of identifying and integrating acquisitions that fit with our strategy, having completed eight acquisitions following our fundraise in December last year.”

At 1430 GMT, shares in Ideagen were down 10.46% at 274p.