The $7 million acquisition is Ideagen's second US purchase this year
Deal announced at IMTS, Chicago
Ideagen plc, the UK-based, leading global software firm, today announced the acquisition of American quality inspection software provider, InspectionXpert.
Based in Raleigh, North Carolina, InspectionXpert currently generates $2.8 million in revenue and will bring more than 1,000 clients including Boeing, Kohler and Pratt & Whitney to Ideagen's existing customer base.
Speaking at IMTS, Chicago, Ideagen CEO, Ben Dorks, said: "As well as significantly enhancing our manufacturing supply chain product suite, the acquisition of InspectionXpert provides Ideagen with a fantastic opportunity for growth by broadening upsell and cross-selling opportunities, increasing our customer footprint and expanding our geographical reach."
InspectionXpert's products, InspectionXpert and QualityXpert, enable organisations in the precision manufacturing industry and associated supply chains to simplify inspection planning, execution and reporting and general quality through digitalisation of paper-based processes.
Jeff Cope, Founder of InspectionXpert, will join the Ideagen Group as Senior Product Manager for InspectionXpert and QualityXpert. He added: "When I developed the initial InspectionXpert programme back in 2004, I was trying to address a need I saw in precision manufacturing to simplify quality inspection reporting and ensure a greater accountability over the QA chain. I am so excited that we are joining the Ideagen Group and that we will now be able to introduce our products to a range of new clients across the globe."
InspectionXpert and QualityXpert will be integrated into Ideagen's existing software suite, which will enhance Software as a Service (SaaS) revenues and provide excellent opportunities for future growth.
Mr Dorks added: "The acquisition of InspectionXpert demonstrates Ideagen's commitment to our US growth strategy with $15 million invested in the US this year.
"We have more new logo wins in this region than anywhere else in the world and this market will continue to be a strategic focus for us. As a UK company, it is important for us to both supply and invest in the US, in order to support our global growth plan."