Technology

Posted on May 23, 2018 by staff

Software group valued at £1.3bn after buyout

Technology

A provider of ‘business-critical’ software used by thousands of accountancy practices across the UK has been valued at £1.3bn after a major buyout.

Hg Saturn Fund and Intermediate Capital Group (ICG) have made a joint investment into IRIS in the largest ever UK private equity software buyout.

With 37 years’ experience, IRIS one of is the UK’s market leading provider of business critical software and services to the accountancy, education and business sectors.

The group’s software is used by more than 21,000 accountancy practices and over 80,000 small and mid-sized businesses, corporates and payroll bureaus every day.

The financial value of the deal, which is still subject to regulatory approval, was not disclosed but it gives IRIS an enterprise value of approximately £1.3bn.

“The renewed Hg investment, alongside ICG, is recognition of continued success,” said IRIS chief executive Kevin Dady.

“We’ve developed best-in-class products across the businesses, continuously improved customer service and extended our product portfolios through strategic acquisitions to either enter new or grow existing markets.

“We look forward to continuing our strong working relationship with Hg and also look forward to working with ICG; supported by a solid long-term strategy, an exceptional leadership team and talented employees as we will continue our mission – to help businesses stay one-step-ahead of their competition.”

IRIS, which has bases in Berkshire, London, Manchester, Wigan and Stockton-on-Tees, was as advised on this transaction by Arma Partners, Skadden, Deloitte and Bain & Co.