ICON Corporate Finance, specialists in M&A for tech companies, has advised PleaseTech on its sale to Information Management Software provider Ideagen Plc.
UK-based PleaseTech specialises in the development of software solutions for collaborative authoring and review of corporate documentation. Its product is used within document intensive environments to reduce the time and cost associated with the production of content and ensure compliance with industry regulations.
PleaseTech has over 180 customers worldwide using its PleaseReview software product including 70% of leading pharmaceutical and biotech organisations and four of the largest defence organisations globally. PleaseTech also has a significant customer base in government, transport and manufacturing.
Alan Bristow, CEO of ICON Corporate Finance, who advised the management of PleaseTech on the sale said: “ PleaseTech is an excellent business with a leading position in Pharma market, it has strong recurring revenues and significant growth opportunities as it expands into other document intensive industries. It was no surprise that the business received considerable attention and was attractive to a range of internationals acquirers. Ideagen was selected due to the strong strategic fit and its ambitions for the future growth of the business.”
David Hornsby, CEO of Ideagen said the acquisition would consolidate the company’s position in several industries, particularly within Life Sciences.
He stated: “PleaseTech brings to the Group outstanding intellectual property in the form of its PleaseReview software which will complement our existing product suite, particularly helping to strengthen our position in Life Sciences. The acquisition of PleaseTech is an exciting addition and a significant development in the future of Ideagen. It once again re-iterates our commitment to our long-term growth strategy of acquiring business with strong IP and healthy recurring revenues.”
David Cornwell, CEO of PleaseTech Ltd said: “ICON provided excellent advice throughout the process. When, after an approach, we decided to look at options, ICON was able to generate very healthy interest from a range of international buyers and, in the end, secured an acquirer that was not previously known to us. Needless to say, we are very pleased with the outcome and achieved all of our core objectives on the sale of PleaseTech with their help.”