IRIS Software Group enters definitive agreement to acquire IRIS FMP
14th August 2019: IRIS Software Group, is today announcing it has entered into a definitive agreement to acquire IRIS FMP, from Tenzing, the UK lower mid-market investor. IRIS FMP is a leading provider of payroll and HR services to international and UK based Small and Medium sized Enterprises.
Set to be the largest acquisition by IRIS to date, IRIS FMP is closely aligned with the Group’s mission to be the most trusted provider of mission critical software and services. In the UK, US and internationally, IRIS FMP supports over 1,750 businesses in 135 countries, providing international HR consultancy, outsourced global payroll services, and international money transfers.
Kevin Dady, CEO of IRIS Software Group says, “As part of our acquisition strategy, we continue to identify opportunities to expand both domestically and internationally where we can apply our expertise in compliance-driven software. Bringing IRIS FMP into the Group is transformative, expanding IRIS’ footprint into the US and other international markets, while also further strengthening our position in the UK payroll and HR sectors.
“Domestically we are seeing an increased demand for fully or partially outsourced payroll management solutions and internationally, we are seeing a growing payroll requirement for businesses of all sizes. IRIS’ heritage, combined with its marketing reach, investment in cloud technology and sector expertise will help propel IRIS FMP to the next phase of its growth.”
Justin Cottrell, CEO of IRIS FMP comments, “IRIS shares our vision for the next stage of growth. Its track record for acquisition and integration of businesses into the IRIS family makes it the perfect partner. The support for management and its culture complements the next chapter of the IRIS FMP story. We are excited about IRIS investing into the business, reinforcing our commitment to service excellence for our clients and partners worldwide.”
IRIS Software Group has secured an increment to its Term Loan from Credit Suisse with an expectation that pro-forma for the acquisition leverage will remain in line with leverage at Closing of the 2018 LBO by Hg and ICG. The IRIS FMP acquisition will close before the end of September 2019.
About IRIS Software Group
IRIS Software Group is the UK’s largest privately held software company and the most trusted provider of mission-critical software and services. Using our applications, critical operational tasks are done right first time, every time, so organisations can look forward and thrive with confidence.
Over 15 million payment transactions a month are made using IRIS solutions. Over 21,000 accountancy firms use IRIS applications, including 83 of the top 100 practices. 86,000 SMEs use IRIS bookkeeping, HR and payroll solutions. Four million parents and guardians use IRIS apps to connect with their child’s school, which is used by 11,000 schools and academies. 620,000 UK employees are managed by IRIS HR solutions and 2.3 million UK employees are paid by IRIS payroll solutions.
Visit www.iris.co.uk or follow IRIS Software Group on LinkedIn, Twitter and Instagram.