he U.K. firm Ideagen Plc announced its acquisition of Blacksburg-based Qualtrax Tuesday.
Ideagen is a provider of software for companies operating in highly regulated industries. Qualtrax, founded in 1993, works with companies to help them meet their assurance obligations and goals through document management, automating key business processes, streamlining training management and ensuring critical industry regulations are met.
The Qualtrax base in Virginia will also become Ideagen’s U.S. headquarters and will be home to around 80 people in the initial stages, according to a news release. The plan is to grow that operation from this base and expand the business throughout the U.S.
Qualtrax had more than 300 clients, including Walmart, the D.C. office of the Chief Medical Examiner, Colorado Bureau of Investigation, SABIC Innovative Plastics and the Arkansas State Crime Lab.
Ben Dorks, CEO of Ideagen, said in a news release: “We are delighted to be able to announce the acquisition of Qualtrax today. The global assurance market is of key interest to Ideagen. Qualtrax’s product, customer base and reputation in the market will enhance our existing compliance offering and provide us with an excellent springboard from which to grow in this sector.”
Qualtrax recorded revenue of approximately $5.2 million in 2020, growing from $4.5 million in the previous year, and modestly positive EBITDA, according to the release.