Launched in 1993, Ideagen is a UK based public company that provides quality, safety, audit, performance and risk management software and expertise. Having operations in the UK, the European Union, the United States, Middle East and Southeast Asia, the company also boasts a global network of partners servicing Asia Pacific, Europe and South America. Ideagen has a customer base of more than 3,000 organizations using its suite of products, including many blue-chip names such as BAE Systems, Ryanair, Heineken and the European Central Bank. Ideagen also counts over 150 hospitals in the UK, US and beyond as part of its client base. Ideagen has grown both organically and through a number of strategic acquisitions, and this year recorded its 8th consecutive year of growth in revenue, adjusted EBITDA and adjusted earnings per share.
A Dedicated and Ambitious Leader
Ideagen CEO, David Hornsby, is a Scottish-born, Yorkshire-raised businessman. He attended Leeds Grammar School and then Sedbergh Boarding School in Cumbria before attending university. He started his professional career as a Salesman, before forging a path through the sales ranks of several computer software companies. In 2009 he was introduced by his broker, FinnCap, to software firm Datum International, a precursor of the current Ideagen. Having invested £250,000 into Datum, there followed several acquisitions and the modern-day Ideagen was born.
The Undisputed Leader of the Industry
Ideagen’s software, particularly its cloud based product Coruson, is leading the industry in terms of modern GRC systems. It is an enterprise cloud software that provides complete control, visibility, and real-time reporting of every detail and aspect of safety and operational risk in an organization. The product is a favorite amongst clients as it is scalable, extremely user-friendly and functionally rich. Indeed, it was Coruson’s user friendliness that was a major factor in the product being chosen by the International Airlines Group (IAG) – owners of British Airways, Iberia, Vueling and Aer Lingus – Ryanair and Jaguar Land Rover to name a few. The product also received the GRC 20/20’s Environmental Health & Safety Technical Innovation award for its user experience, analytics and mobile capability. Another unique area of Ideagen is the level of expertise within the firm’s 400-strong workforce. This is a huge selling point for organizations looking to do business with Ideagen. Looking at quality, safety, audit and risk management, Ideagen has industry experts with decades of experience in each of these areas. Indeed, some of Ideagen’s staff involved in the internal, operational and financial audit areas have been praised by clients during the procurement stage as being some of the most knowledgeable experts they have worked with.
Equipping Clients with World Class Tools, Services, and Expertise
Highly regulated organizations require the tools, services, and expertise that Ideagen provides to help them identify, assess and manage corporate risk while complying with international industry standards. Many of these organizations are only in the early stages of adopting an enterprise-wide approach. Ideagen’s software tools enable organizations to identify, assess and prioritize risk and manage information in line with rigorous regulations. In each of the chosen verticals, Ideagen’s customers are increasingly required to take a holistic view of risk management, internal audit and compliance, with many organizations at the beginning of the adoption phase of high value enterprise-wide solutions. In short, its software solutions enable them to comply with regulations that allow them to operate. Ideagen sees its cloud solutions as a particular area of growth which will increase the percentage of total revenues derived from recurring contracts.
Why the Pharma and Life Science Vertical was a Natural Move
Alignment with highly regulated vertical industries was a natural move for Ideagen. The pharma and life science vertical is still a highly regulated one, and the software, services, and expertise of Ideagen is a natural fit for organizations that operate there. It is a volatile and ever changing regulatory environment, but Ideagen’s products help these organizations demonstrate high levels of quality and compliance with a number of international standards and regulations such as ISO, the FDA (including 21 CFR Part 11), US Department of Agriculture (USDA) and MHRA. More than 200 Life Science organizations worldwide including Reckitt Benckiser, Reading Scientific Services (RSSL) and Roslin Cells, rely on Ideagen to help them improve the management of their compliance processes and information, increase overall business efficiency and maintain data integrity to transform the management of compliance activities from a costly overhead into a business benefit.
In order to drive growth, Ideagen has successfully added new customers to the Group across all of its key GRC verticals, with aviation, life sciences and financial services providing particular notable success in the year. The organization will also continue to maintain a focus on product enhancement and innovation, which has seen acceptance across the user base, resulting in significant revenues from strong retention of recurring contracts and new projects from its extensive customer base. Furthermore, Ideagen remains committed to its ongoing buy and build strategy and would expect to complete further acquisitions in the future assuming targets meet its criteria and represent value for shareholders. To facilitate the growth of recent years, Ideagen will continue to invest in its employees, products and infrastructure. Significant resources will also be invested in benchmarking processes and systems to ensure best practice is standard and that Ideagen remains fit for growth. Ideagen remains committed to the relevant accreditations, and currently holds Microsoft Gold Partner status, ISO 9001, ISO 27001, and ISO 14001.
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