Innovation scale-up Wazoku has agreed to buy the UK idea management platform, Idea Drop.
Idea Drop was founded by Charlie de Rusett and Owen Hunnam in 2014 and provides its idea management platform to customers, including Ericsson, AAA, and NEC Group.
The acquisition further strengthens Wazoku鈥檚 position as a global provider of innovation services, leaving the company ideally positioned for further accelerated growth in 2023.
Wazoku鈥檚 CEO Simon Hill said: 鈥淚dea Drop is a fantastic brand and has built a deserved reputation as one of the top idea management solutions in the market. Its portfolio of clients is a testament to the value it brings.
鈥淚dea Drop clients will now get to benefit from the Wazoku Innovation_360 suite of innovation tools. The world has never been in greater need of innovative solutions to the big challenges of our time, and our offering is now one of the most comprehensive and complete solutions available to the global market.鈥�
Idea Drop provides intuitive idea management software. It is used to drive revenue and market share, reduce costs, discover efficiencies, launch new products and differentiate from competitors.
The acquisition is Wazoku鈥檚 fourth over the past three years, following US Open Innovation firm InnoCentive in 2020, Colombian open innovation company Channge in 2020 and Danish firm Mindpool in 2022.
Hill added: 鈥淭he Idea Drop agreement, along with our 2022 acquisition of Mindpool, is all part of our innovation at scale vision and continues our mission to change the world, one idea at a time.
鈥淭here is such a focus now on sustainable business and looking for different ways to solve problems, and Wazoku has created an enormously compelling proposition to help address those.
鈥淥rganisations use our platform to help save lives, make the world a better place and create billions of dollars of value and the addition of Idea Drop will only enhance this.鈥�