Information management software provider Ideagen has acquired London-based Mail Manager for an upfront cash consideration of £26.4 million.
As the name suggests, Mail Manager is an email management provider. Its software is designed to integrate into clients’ existing IT infrastructure to help file and search correspondence.
Ben Dorks, CEO of Ideagen, comments: “What a great way to start the new year by giving a very warm welcome to everyone at Mail Manager. It has a resilient business model, a quality customer base, a strong team and outstanding technology.”
He adds: “Mail Manager joins our growing suite of leading collaboration software, enhances our ARR base and has a strong presence in key end markets where we expect to be able to drive group-wide growth.”
The purchase follows Nottingham-based Ideagen’s £103.5 million funding raise in December, and the tech company made it clear at that time it planned acqusitions.
Mail Manager’s clients include mid-market to enterprise accounts, particularly in the architecture, engineering and construction sectors, where Ideagen sees “cross-sell opportunities”.
According to LinkedIn, Mail Manager has 60 employees, over 2,000 clients and 50,000 users. It has annualised recurring revenues of approximately £5.1 million as of 31 January 2022.
Mail Manager software was designed and developed in 2003 by the software house of Arup. In 2016, Mail Manager software transferred to its own company, Mail Manager Limited.
Ideagen was busy with acquisitions last year.
In November, it acquired software validation and assurance company CompliancePath for £9 million; and bought Sydney-based regtech provider CompliSpace for AU$105 million (£57.7 million).
Ideagen has more than 1,000 staff across the globe. Ideagen’s operations are located throughout the UK, US, Australia, Europe, Middle East and South-East Asia. It provides quality, audit and risk software – and is used by more than 7,500 customers across various industries such as aviation, financial services, life sciences, healthcare and manufacturing.
Its customers include Heineken, British Airways, BAE, Aggreko, US Navy, Bank of New York and Johnson Matthey, as well as 250 hospitals across the UK and US.