finnCap Cavendish advises on sale of Mail Manager
finnCap Cavendish, part of financial advisory firm, finnCap Group plc, is pleased to announce it has advised on the sale of Mail Manager Limited (MailManager), a leading email management software provider to Ideagen plc, a leader in compliance software for regulated industries, for a cash consideration of £26.4m plus a deferred conditional earnout payment of up to £2.75m.
MailManager allows project-based businesses to manage their emails quickly and easily, whilst improving staff productivity and managing compliance risk. Initially developed by world class engineers at Arup, the proprietary SaaS platform delivers a best-in-class solution that supports project management, compliance, regulatory obligations and governance.
MailManager’s clients span a broad range of mid-market to enterprise accounts, and has a particularly strong footprint in the architecture, engineering and construction sector, where Ideagen sees compelling cross-sell opportunities.
Following the transaction, MailManager, comprising a team of 65 people in the UK, will be integrated in to the Ideagen group to grow the combined business. Stuart Rowe, the CEO, and the MailManager management team, will remain in the business. The combined business will enable revenue synergies in a fast-growing sector, supported by positive market dynamics such as email reliance, remote working and increased online collaboration.
The deal was led by Anthony Platt, partner at finnCap Cavendish, and associate, Paris McNicol-Outch.
Stuart Rowe, CEO of MailManager, said: “This is transformational for Mail Manager. We are really excited to be joining the Ideagen family where we’re confident we’ll go from strength to strength. Good advisors are essential. Ours were great! Thank you to Anthony Platt and his team for their rock-solid guidance, support and advice.”
Anthony Platt, partner at finnCap Cavendish commented: “We are delighted to have advised Stuart and Arup on the sale of MailManager. The MailManager software platform has seen exceptional revenue growth, benefits from high levels of recurring revenues and operates at the intersection of compliance and collaboration which is an attractive area for strategic buyers and investors. We are pleased to have found a fantastic buyer in Ideagen in terms of strategic fit.”
