24 Mar 2017
ICON Corporate Finance, specialists in M&A for tech companies, has advised PleaseTech on its sale to management software provider Ideagen Plc.
UK-based PleaseTech specialises in the development of software solutions for collaborative authoring and review of corporate documentation.
PleaseTech has over 180 customers worldwide using its PleaseReview software product including 70% of leading pharmaceutical and biotech organisations and four of the largest defence organisations globally. PleaseTech also has a significant customer base in government, transport and manufacturing.
Alan Bristow, CEO of ICON Corporate Finance, who advised the management of PleaseTech on the sale said: “PleaseTech is an excellent business with a leading position in Phrama market, it has strong recurring revenues and significant growth opportunities as it expands into other document intensive industries. It was no surprise that the business received considerable attention and was attractive to a range of internationals acquirers. Ideagen was selected due to the strong strategic fit and its ambitions for the future growth of the business.”
David Hornsby, CEO of Ideagen said the acquisition would consolidate the company’s position in several industries, particularly within Life Sciences.
He stated: “PleaseTech brings to the Group outstanding intellectual property in the form of its PleaseReview software which will complement our existing product suite, particularly helping to strengthen our position in Life Sciences. ...The acquisition of PleaseTech is an exciting addition and a significant development in the future of Ideagen. It once again re-iterates our commitment to our long-term growth strategy of acquiring business with strong IP and healthy recurring revenues.”
Founded in 2002, PleaseTech employs 42 staff with key customers including the US Navy, European Union Agency for Railways (ERA), NATS and the International Energy Agency.Its PleaseReview software provides simultaneous, controlled and secure collaboration for review, co-authoring and redaction resulting in faster document development and enhanced quality. Reporting and metrics ensure transparency, accountability and facilitate process improvements.
David Cornwell, CEO of PleaseTech Ltd said: “ICON managed a first class process and not only secured an acquirer that was not known to us but also received very healthy interest from a range of international buyers. We are very pleased with the outcome and many thanks for Alan Bristow and his team at ICON for achieving all of our core objective on the sale of PleaseTech”