UK Based Software company Ideagen has announced today, the acquisition of Optima Diagnostics Ltd, trading as OSHENS, for £1.8m.
Optima is a Software-as-a-Service (SaaS) that has developed OSHENS, which is a SaaS base Heath and Safety compliance solution.
This software is currently used by 80 companies globaly, including Airbus, Sellafield, BAE Systems and Edinburgh Airport – across highly regulated markets including Aerospace and Defence, Aviation and Energy.
The current revenue of optima is around £1M, of which around £900,000 is recurring, and generates around £100,000 of EBITDA.
The CEO of Ideagen, Mr. Ben Dorks said the acquisition supported Ideagen’s QHSE strategy.
He said: “Optima is a successful and profitable software company which will significantly strengthen our QHSE business unit. This is an exciting acquisition that will solidify our QHSE offering while strengthening our foothold in a strategic market for the company.”
“Optima brings to the Group an impressive client base spread across several industries, many of which Ideagen currently operates in. We are looking forward to working with those clients, some of which will be new to Ideagen, whilst strengthening our relations with those that currently use Ideagen’s software. The acquisition of Optima marks an outstanding opportunity for both ourselves and our customers; significantly broadening our software capability and enhancing our overall QHSE business.”
They also see the addition of 11 members of staff through which they are expected to contribute £0.3m to the Group following the realization of identified synergies.
Executive chairman David Hornsby, added: “Optima is a valuable addition to Ideagen and is in line with our strategy of acquiring businesses that have strong IP and recurring revenues.
“QHSE is a valuable yet fragmented market and the acquisition will further enhance our market position as we aim to further consolidate this sector.”
According to Ideagen Reports, last month they have successfully grown its Redland business, securing nine new contracts totaling £1.2m.