EIBS, based in Nottingham, is one of the UK’s leading independent developers of web content management software. Its Easysite software is supplied to numerous local authorities, NHS trusts and charities to run complex websites.
Ideagen are a PLC who develop compliance based, information management software for highly regulated industries. Ideagen’s largest sector is the NHS, but they also have installations of their software in Europe and the United States. Ideagen’s solutions have been developed in accordance with the strictest standards, so their products enable their customers to meet quality, audit, regulatory and compliance standards.
Strategic Corporate Finance was appointed by the shareholders to value the company and subsequently to act as lead advisors on its sale.
“We are very pleased to have led the successful sale of EIBS, which meets the various needs of its different shareholders. EIBS directors Hugh Smith and Matt Burnett have worked incredibly hard in recent years to develop a class-leading product, the potential of which should be maximised under the ownership of Ideagen.”
Following a confidential marketing process, an offer was accepted from Ideagen plc, a fast growing provider of compliance based Information Management software.
The cash consideration of £1.55 million, paid in full at completion, was in line with the initial valuation prepared by Strategic and represented a substantial multiple of underlying earnings.
“EIBS Ltd appointed Strategic Corporate Finance after looking at several companies that were keen to help us achieve a sale. We chose Strategic on the basis that we liked them and thought that we would get more attention than we might have from some of the larger companies. This proved to be the case and they handled the sale process very well. The outcome was that we met with a number of companies that were interested in acquiring EIBS before we eventually chose Ideagen Plc.”
“We’re really excited about the acquisition of EIBS by Ideagen PLC; we’re looking forward to accelerating the improvement and innovation of our excellent products and securing Easysite at the heart of our web solutions.”
“The combination of EIBS and Ideagen will enable the enlarged Group to rapidly develop new applications for our key markets and we believe the acquisition provides an outstanding opportunity to our customers to improve the way they view information.”