Ideagen, a global software firm which specialises in providing governance, risk and compliance software and employs about 120 staff at its East Kilbride centre of excellence, has reported a 29% rise in revenues to approximately £46.7million FY2019 when it releases its results in July, up from £36.1million FY 2018.
Adjusted EBITDA is also expected to be up from £11million FY2018 to approximately £14.3 million FY 2019. This will mark the company’s tenth successive year of revenue and EBITDA growth.
Ben Dorks, Ideagen’s Chief Executive Officer, said: “We are pleased to report that the Group has continued to perform well in delivering another year of quality earnings growth underpinned by strong cash generation.”
He continued: “The Group is successfully transitioning to a SaaS business model whilst ensuring that we continue to grow revenues both organically and through acquisitions.
“Our growing base of recurring revenues and a strong pipeline of business opportunities from new logos and our growing customer base provides the Board with confidence for the current year and beyond.”
Within today’s update, Ideagen said that trading had once again been robust across all of its key verticals, with the Group delivering organic revenue growth of approximately eight per cent. It also reported that it had generated a substantial increase in recurring revenues as its transition to a Software as a Service (SaaS) model continued.