Canaccord Genuity acts as Joint Bookrunner and Joint Broker to Ideagen plc on its £103.5 million Placing and PrimaryBid Offer
Canaccord Genuity is pleased to announce it has acted as Joint Bookrunner and Joint Broker on a £103.5 million Placing and PrimaryBid Offer (together the “Fundraise”) for Ideagen plc (“Ideagen” or the “Company”) at price of 270 pence per ordinary share, representing a 1.6% discount to the volume weighted average closing price for the 15 days to 7 December 2021. The Fundraise was structured as a cashbox placing, representing approximately 15.0% of the Company's existing issued share capital.
Ideagen is headquartered in the UK, listed on the London Stock Exchange AIM market and has key hubs in the UK, EU, US, South East Asia and Australia. Ideagen operates in the +$30 billion regulatory and compliance software market, serving highly regulated industries such as life sciences, healthcare, banking and finance and insurance. More than 7,500 customers use Ideagen's software, including nine of the top 10 UK accounting firms, seven of the top global aerospace and defence companies and 75% of leading pharmaceutical firms. The Company has a stated M&A strategy and has successfully acquired eight businesses since its previous fundraise in December 2020.
The net proceeds of the Placing will return the Company to a net cash position from which the Board intends to use its available capital to capitalise on the Company's pipeline of acquisitions. The Board believes that having access to readily available capital to deploy on acquisitions will enhance the Company's position in negotiating and executing upon this pipeline.
The transaction team consisted of Simon Bridges and Georgina McCooke. Specialist ECM was led by Sam Lucas and Darren Furby, and the Sales Team was led by Alex Aylen and Jonathan Barr. The Investor Relations team consisted of Sarah Bush.