Innovise has acquired the Ministry of Ideas (MOI) businesses in the UK, North America and Poland to form a new division within the group focused on risk and loss prevention software solutions. The deal allows customers of the MOI to benefit from the combined scale and software expertise of Innovise, while at the same time retaining a necessarily tight focus on the needs of the risk and loss prevention marketplace.
Explaining the decision to buy, Mike Taylor (CEO of Innovise) informed Risk UK: “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 company.”
Jason Trigg, founder of the MOI, outlined 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, and especially retailers. However, as we’ve grown, the need for scale and technology expertise has increased and this will change further with the arrival of the European Union’s General Data Protection Regulation in May. Therefore, we decided the time was right to find a long-term home for the 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 the MOI operation, maintaining its entrepreneurial focus and looking to improve upon its operational processes, in turn leveraging some of the Innovise Group’s resources where appropriate. Innovise will also seek opportunities for the two companies to work together.
Cortex, a division of Innovise, already has an office in Krakow alongside that of the 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 in which to link the data collected by users of its Timegate solution with some of the risk and crime solutions currently maintained by the MOI.
“I’m delighted to bring the MOI into the Innovise fold and have every confidence that we’ll be able to help it grow and deliver great results for its customers and staff,” concluded Taylor.