Ideagen, the Nottinghamshire-based supplier of data Store to highly regulated industries, has acquired the full issued share capital of Morgan Kai Group Ltd, for £20.5m.
Morgan Kai may be a growing software company with operations in Leeds and Chicago containing created leading Internal Audit Management product ‘MKinsight’. MKinsight is used by over 370 customers across many highly regulated vertical markets including public sector, banking and finance, engineering, healthcare and.
Morgan Kai currently employs 28 people and supplies further infrastructure and people to aid the Group’s global growth objective. Over 77% from the firm’s organization is international, with 28% located in the USA. Customers are the UK’s National Audit Office, the Federal Reserve, Investec, the revolutionary York Stock Exchange, Shell, Bombardier and Blue Cross Blue Shield.
The addition of MKinsight doubles the current Ideagen Internal Audit business providing scale, enhanced technology and also a competitive position.
Ideagen expect the investment to increase earning immediately, which is anticipated to contribute £2.0m additional EBITDA to your year ended 30 April 2020 following the realisation of £0.3m synergies.
David Hornsby, Executive Chairman of Ideagen, said: “Morgan Kai is definitely valuable item the viewers as well as being in accordance with our strategy of acquiring GRC business that have strong IP and growing recurring revenues.
“Internal Audit has represented a core industry for Ideagen because buying of Pentana in 2013, the addition of MKinsight to product portfolio will enhance our scale and capability and provide a powerful platform for continued growth globally.”