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Falcon Advises Qualtrax in its Sale to Ideagen

WAYNE, PENNSYLVANIA – March 9, 2021: Falcon Capital Partners, LLC (“Falcon”), a leading middle-market investment bank, is pleased to announce the sale of Qualtrax, Inc. (“Qualtrax”) to Ideagen PLC (AIM: IDEA) (“Ideagen”).

Based in Blacksburg, Virginia, USA, Qualtrax was founded in 1993 and has been named one of Virginia’s top small businesses to work for every year since 2018. The company provides EHSQ (environmental, health, safety, and quality) compliance software specializing in the laboratory, manufacturing, and aerospace sectors, and services nearly 350 customers including WalMart, the D.C. Office of the Chief Medical Examiner, Colorado Bureau of Investigation, and the Arkansas State Crime Lab. The Qualtrax software platform helps its customers meet their assurance obligations and goals through document management, automating key business processes, streamlining training management, and ensuring critical industry regulations are met. In recent years the company has successfully transitioned its business model such that over 90% of revenue is currently delivered as SaaS.

Ideagen is a UK-headquartered technology company quoted on the London Stock Exchange AIM market (Ticker: IDEA.L). A global supplier of regulatory and compliance solutions, Ideagen provides a common software platform and an integrated risk-based approach to meet multi-industry standards, enabling compliance with relevant laws, policies, and regulations. The company provides software and services to organizations operating within highly regulated industries such as life sciences, healthcare, banking and finance, insurance, aviation, and aerospace and defense, with its main operational premises spread throughout the UK, EU, US, Middle East, and SE Asia. Currently, more than 5,700 organizations use Ideagen’s products including eight of the top 10 UK accounting firms, all of the top aerospace and defense companies, and 75% of the world’s leading pharmaceutical firms. Ideagen’s diverse and varied customer base includes many well-known, global brands such as British Airways, Aggreko, BAE, Ryanair, US Navy, KLM, BBVA, Bank of New York, Commerzbank, Meggitt, Heineken, Johnson Matthey, Haeco Group and European Central Bank, as well as 250 hospitals across the UK and US.

Building on Ideagen’s established US platforms of InspectionXpert and Medforce, the acquisition will strengthen and consolidate Ideagen’s presence in this core growth market, which already accounts for around 35% of the company’s revenue. The Qualtrax management team will remain in place to lead Ideagen’s expansion in the USA and Qualtrax’s base in Virginia will become Ideagen’s North American headquarters. Ben Dorks, Chief Executive Officer of Ideagen commented, “I am very pleased to announce the addition of Qualtrax to our Group and the expansion of our presence in the United States. Qualtrax brings a high-quality customer base, strong growth, a high level of recurring revenue, and also bolsters our platform for expansion in the USA.”

Amy Ankrum, President and CEO of Qualtrax said, “I am extremely excited about the opportunities that becoming part of the Ideagen family will bring to Qualtrax and all our people. We share a similar culture and values, with our purpose being to make life easier for companies doing crucial and highly regulated work. With Ideagen’s global footprint and vast expertise in compliance and related sectors, we will be able to reach more companies in the US and overseas.”

Falcon served as sole financial advisor to Qualtrax. Falcon’s Founder and Managing Director Ted Stack writes, “The combination of Qualtrax and Ideagen represents an outstanding opportunity to create the leading provider of quality and compliance management systems to highly regulated industries in North America. It was a pleasure to work with Amy Ankrum and the Board of Qualtrax on a transaction that provides tremendous opportunity for the employees and customers of Qualtrax.”

On the company’s relationship with Falcon, Amy Ankrum commented, “We couldn’t be happier with our experience with Ted Stack and the Falcon team. Beginning with the initial market-facing conversations and all the way throughout an efficient management of the process, it was clear we were in very capable hands. I appreciate the time, detail, and personal attention that went into ensuring a successful transaction for our shareholders, employees, and customers.”

The Falcon deal team was led by Managing Director Ted Stack and Vice President Conrad Olenik. For more information please contact Ted at tstack@falconllc.com, 610-989-8901 or Conrad at colenik@falconllc.com, 610-989-8905.