Ideagen Plc, the Nottingham-based information management software provider, has announced the acquisition of IPI Solutions Ltd for a net consideration of £5.54m.

Mansfield-based IPI Solutions has 400 customers such as GE Aviation, Sikorsky, Augusta Westland and Meggitt and will help to consolidate Ideagen's position in key vertical markets.

A "profitable and cash generative" software company, IPI has developed Visual FAIR, a popular software application for quality and compliance reporting. The software already integrates with Q-Pulse, Ideagen's flagship quality and safety management application, and the companies already had customers in common.

The acquisition of IPI is coherent with Ideagen's strategy of acquiring businesses with strong IP and healthy recurring revenues. David Hornsby, Ideagen's CEO, said: "IPI has established an extremely compelling value proposition and brings to the Group a complementary solution, a talented workforce and long-term customer relationships that further consolidate our position in the Aerospace and Defence, Complex Manufacturing and Life Science verticals."