Innovise Limited has acquired the Ministry of Ideas (MOI) businesses in the UK, North America and Poland to form a new division in the group, focused on risk and loss prevention software solutions. The deal allows the customers of MOI to benefit from the combined scale and software expertise of Innovise, while retaining the tight focus on the needs of the risk and loss prevention marketplace.
Mike Taylor, CEO of Innovise, explains the decision to buy: “MOI reminds me of Innovise Software in its earliest days, with its vertical market focus and dedicated team of professionals. We see great scope to help the business scale over coming years, which is why we were keen to acquire the business.”
Improving operational processes
Jason Trigg, Founder of MOI, explains the background to the deal: “Since we founded the business it has been focused on the needs of professionals in the risk and loss prevention market, especially retailers. However, as we have grown the need for scale and technology expertise has increased and this will change further with the arrival of GDPR in May 2018."Innovise will take a long-term approach to MOI, maintaining its entrepreneurial focus and looking to improve its operational processes
"Therefore, we decided the time was right to find a long-term home for MOI – one that would allow it to access investment resources and specialist knowledge while continuing its rapid growth in the risk and loss prevention space.”
Taylor confirmed that Innovise will take a long-term approach to MOI, maintaining its entrepreneurial focus and looking to improve its operational processes - leveraging some of the Innovise group resources where appropriate. Innovise will also look for opportunities for the two companies to work together.
Efficient resource sharing
Cortex, a division of Innovise, already has an office in Krakow, alongside that of MOI. Both companies have a fast-growing presence in North America, which may provide opportunities to share resources and scale more effectively. In the security space, Innovise will be looking at ways to link the data collected by users of its Timegate solution with some of the risk and crime solutions maintained by MOI.
“I am delighted to bring MOI into the Innovise fold and have every confidence that we will be able to help it grow and deliver great results for its customers and staff,” continued Taylor.