Ideagen to buy Australian compliance software company for $ 78 million – Deal Digest
By Anthony O. Goriainoff
PURCHASER: Ideagen PLC, publisher of risk management software listed in London.
TARGET: Compliance Technology Holdings Pty Ltd., or CompliSpace, an Australian software provider of governance, risk and compliance management solutions.
PRICE: A $ 105 million ($ 78 million) upfront and a deferred conditional payment of up to A $ 5 million.
FINANCING: The acquisition will be funded from the Company’s existing cash and debt.
STRUCTURE: David Griffiths, Managing Director of CompliSpace, will join Ideagen as Regional Senior Vice President and support the integration and future growth strategy.
RATIONALE: The acquisition is expected to provide a complementary business offering with a compelling growth opportunity, as well as a strong footprint in a new geography.
QUOTE: “We see a significant opportunity to leverage CompliSpace’s Australian footprint with our existing product line, while also expanding its customer base in Europe and North America, in line with our strategy to develop our expertise. geographic and sectoral, ”CEO Ben told Dorks.
STOCK MOVEMENT: Shares at 0856 GMT were up 7.50 pence, or 2.7%, to 287.50 pence.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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