ICON Corporate Finance, specialist in Technology M&A, has advised Redland Business Solutions Ltd. (‘Redland’), a Financial Services RegTech, on its sale to Ideagen Plc for £17.5 million.
Based near Birmingham, UK, Redland is a RegTech SaaS company which supplies regulatory and compliance software to the financial services industry.
It’s leading software platform, ‘Insight’, provides banks, investment managers, asset managers and insurance companies with solutions that underpin the Senior Managers & Certification Regime (SM&CR) and individual employee competency.
Redland brings more than 40 clients to the Ideagen Group, including, 7 FTSE 100 and 2 Fortune 500 companies. Clients include Nomura, Santander, Investec, Hargreaves Lansdown and Rathbones.
David Hornsby, Executive Chairman of Ideagen, said: “Redland is an extremely valuable addition to the Group and is in line with our strategy of acquiring Integrated Risk Management businesses that have strong intellectual property (IP) and growing recurring revenues.
“Financial services is an important vertical market for Ideagen and the combination of Redland’s Insight platform with Ideagen’s Pentana will provide a compelling proposition covering internal audit, risk management, certification and SM&CR compliance.”
Joel Turland, Executive Chairman at Redland, said: “We are delighted that Redland will be joining the Ideagen Group, which truly is a global organisation in the governance, risk and compliance software space. With thousands of clients globally, Ideagen will be able to introduce our Insight product to a range of new clients.
“Ideagen is not just acquiring an outstanding product in the form of our ‘Insight’ solution, but is also gaining a superb team with exceptional industry domain knowledge which successfully develops, markets, sells and supports it across the UK.
“I am looking forward to seeing ‘Insight’ and the wider Redland team going from strength to strength with the expanded reach and opportunities available via Ideagen.”
James Kenward, Director at ICON, who led the transaction said: “We are delighted to have acted as corporate finance advisers on the sale. Redland’s configurable SaaS Compliance Management Platform ‘Insight’ enables the UK’s largest financial institutions to manage and comply with the evolving, business-critical needs of people-based regulation.
As a clear market leader with an unparalleled track record, it has strong recurring revenues and significant growth opportunities. It was no surprise that the business received considerable attention and was attractive to a range of International acquirers. Ideagen was selected due to the strong strategic fit and its ambitions for the future growth of the business.”