# Hg takes Ideagen private

Source: https://bestqmssoftware.com/news/hg-acquires-ideagen/
By Tom Muller, updated October 6, 2026


In May 2022 Rainforest Bidco, a company backed by funds controlled by the private-equity firm Hg, agreed to buy Ideagen for about $1.41bn (£1.06bn). Shareholders were to receive $4.65 (350p) a share.[^hg] Ideagen was then a public limited company, Ideagen PLC. Pound figures are converted at our [fixed exchange rate](/how-we-rank/#currencies).

The UK register shows Rainforest Bidco as owner of 75% or more of Ideagen's shares from 7 July 2022. Further up the chain, an Hg nominee company holds more than half of Rainforest Topco Limited.[^ch-psc] On 13 July 2022 the company changed its name from Ideagen PLC to Ideagen Limited.[^ch-ideagen]

The group has kept buying other businesses since. Its accounts for the year to 30 April 2025 show two acquisitions in that year and four more in June and July 2025. They also show revenue of $293.8m (£221.1m), a loss before tax of $220.7m (£166.1m), and debt facilities of $1.84bn (£1,383m), of which $1.45bn (£1,094m) was drawn.[^ch-accounts]

## What it means for buyers

Our [Ideagen Quality Management review](/reviews/ideagen-quality/) notes that the terms let Ideagen raise fees once a year with no cap, and that several G2 reviewers report steep price rises at renewal.

[^hg]: [TheBusinessDesk: Ideagen share price soars as £1.06bn takeover deal revealed](https://www.thebusinessdesk.com/eastmidlands/?p=2058788). Trade press, 9 May 2022, checked 1 Oct 2026.
[^ch-psc]: [Companies House: Ideagen Limited, persons with significant control](https://find-and-update.company-information.service.gov.uk/company/02805019/persons-with-significant-control) and [Rainforest Topco Limited, persons with significant control](https://find-and-update.company-information.service.gov.uk/company/14089934/persons-with-significant-control). UK company register, checked 1 Oct 2026.
[^ch-ideagen]: [Companies House: Ideagen Limited (02805019)](https://find-and-update.company-information.service.gov.uk/company/02805019). UK company register, checked 1 Oct 2026.
[^ch-accounts]: [Companies House: Rainforest Topco Limited filing history (group accounts to 30 April 2025)](https://find-and-update.company-information.service.gov.uk/company/14089934/filing-history). Filed accounts, filed 20 Dec 2025, checked 1 Oct 2026.