Home technology saas ideagen accepts a $1.3B takeover offer amid strong buyout interest

Ideagen accepts a $1.3B takeover offer amid strong buyout interest

Saas

CIO Bulletin
2022-05-09

Ideagen Plc. Has received a takeover offer by London-based private equity company Hg Pooled Management in an all-cash deal, valuing the UK-based software firm at 1.09 billion pounds ($1.34 billion).

Hg announced shareholders of Ideagen, whose software helps companies manage risk and comply with regulation, will receive almost 352 pence for each share, representing a premium of nearly 52% to its closing price on April 11.

Shares in Ideagen leaped 46% to 355 pence on Monday, above Hg’s offer price, indicating that financers expect a counter bid from French rival management firm, Astorg.

Ideagen is a software firm that operates in the regulatory and compliance software space serving over 8,000 customers, including British Airways and Heineken, and has seen a flurry of takeover interest since early April.

In a separate statement, Ideagen said it remained in talks with fund management firm Astorg, which has been given access to further proceedings.

The London-listed Ideagen’s board plans to recommend the Hg deal to shareholders unanimously. The software firm said it believed the offer from Rainforest Bidco, a company indirectly controlled by funds managed by Hg, represented a value for shareholders.