Key client, Ideagen Plc, has acquired Redland Business Solutions Ltd (Redland) for £15.8m with the assistance of the Peregrine Law team.
Ideagen Plc is a UK-based global software firm which is a leader in developing software for Governance, Risk and Compliance businesses.
The acquisition of Redland will significantly strengthen Ideagen’s offering in the financial services sector. Redland is a RegTech Software as a Service (SaaS) company which specialises in supplying regulatory and compliance software to financial services providers, including Santander, Lansdown and Rathbones.
The deal fits with Ideagen’s wider strategy to move towards becoming a SaaS business. It is Ideagen’s second large acquisition this year, following the firm’s successful acquisition of SaaS company, Scannell Solutions, which was also led by the Peregrine Law team.
Ben Dorks, Ideagen CEO, said, “This acquisition enhances Ideagen’s financial services domain knowledge and provides us with ‘first mover’ advantage in relation to SM&CR compliance and in the general regulatory evolution of the financial services industry”.
The Peregrine team was led by Ben Walmsley and assisted by Brigit Hanwell.