TVP portfolio company, Covalent Software, has been acquired by Ideagen Plc, the UK AIM listed provider of information management software to regulated industries.

For Covalent the deal provides significant future growth opportunities in its core financial and public services markets as well as opportunities for the enlarged group to expand its governance, risk and compliance (GRC) presence in healthcare, local government, finance and banking.

The deal marks a successful exit for Covalent’s previous funders. TVP’s Nick Simmonds said: “It has been a pleasure working with Peter McHugh and the team at Covalent Software and we are delighted with the way in which Covalent has developed into a technology leader in the GRC space.  We wish the company every success for the future.”

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