UK-based HgCapital has acquired a majority stake in IRIS Accountancy Solutions and IRIS Software Group from Hellman & Friedman. The businesses were created following the split of IRIS Software Group. HgCapital previously held a minority stake in the parent company. The total investment by HgCapital amounts to approximately 26.5 million pounds ($41.6 million).
PRESS RELEASE
HgCapital Trust plc (HGT.L: News ) Wednesday announced the acquisition, by HgCapital, of a majority stake in IRIS Accountancy Solutions, or IAS, and IRIS Software Group, or ISG, from Hellman & Friedman, a US-based private equity firm. IAS and ISG were created following the split of IRIS Software Group Ltd. HgCapital previously held a minority stake in the parent company.
The total investment by HgCapital in IAS and ISG amounts to approximately 26.5 million pounds ($41.6 million).
Chairman of IAS as well as ISG, Nick Discombe, commented “This represents a significant vote of confidence from HgCapital. They have a good understanding of the strengths and market positions of IRIS Accountancy Solutions and IRIS Software Group and their expanded investment demonstrates their belief that we can achieve further significant growth.”
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