Nottinghamshire-headquartered software giant Ideagen has acquired a counterpart which works with the likes of EDF Energy, the US Department of Defense and UK Home Office for almost £30m.

The listed group has snapped up Harmony UK Holdings Ltd, which trades as Huddle.

Huddle is a SaaS-based secure content collaboration and workflow provider with also works with the National Audit Office and multiple NHS trusts.

Ideagen has said that Harmony will add approximately £3.5m of EBITDA to the group in its first full financial year of ownership, the year to 30 April 2022, after integration and rationalisation of its run-rate annual cost base of approximately £8m. Its revenue is also set for a boost of about £11m, Ideagen added.

The gross consideration of the transaction is £28.1m.

Harmony is currently generating annualised run-rate revenues of about £10.5m and approximately £2.5m of adjusted run-rate EBITDA. The company currently employs 59 people in the UK, US and South Africa. 

Ideagen executive chairman David Hornsby said: “We are delighted to announce the acquisition of Huddle. It has a resilient business model, a quality customer base, outstanding technology and a strong team.

“Huddle will be an important product for Ideagen as we integrate the software with PleaseReview to deliver a broader and deeper document collaboration and compliance proposition to our customer base and accelerate ARR growth.”

Ideagen is advised by finnCapp Ltd.

Nottinghamshire-headquartered software giant Ideagen has acquired a counterpart which works with the likes of EDF Energy, the US Department of Defense and UK Home Office for almost £30m.

The listed group has snapped up Harmony UK Holdings Ltd, which trades as Huddle.

Huddle is a SaaS-based secure content collaboration and workflow provider with also works with the National Audit Office and multiple NHS trusts.

Ideagen has said that Harmony will add approximately £3.5m of EBITDA to the group in its first full financial year of ownership, the year to 30 April 2022, after integration and rationalisation of its run-rate annual cost base of approximately £8m. Its revenue is also set for a boost of about £11m, Ideagen added.

The gross consideration of the transaction is £28.1m.

Harmony is currently generating annualised run-rate revenues of about £10.5m and approximately £2.5m of adjusted run-rate EBITDA. The company currently employs 59 people in the UK, US and South Africa. 

Ideagen executive chairman David Hornsby said: “We are delighted to announce the acquisition of Huddle. It has a resilient business model, a quality customer base, outstanding technology and a strong team.

“Huddle will be an important product for Ideagen as we integrate the software with PleaseReview to deliver a broader and deeper document collaboration and compliance proposition to our customer base and accelerate ARR growth.”

Ideagen is advised by finnCapp Ltd.