Iris , the leading accounting software group, has been put up for sale for a price of £250m by its private equity owners HG Capital and LDC, the Sunday Times reports.

The group has been the subject of takeover speculation since the start of the year, with Accountancy Age reporting in March that the private equity owners had started a beauty parade of advisers to conduct the sale.

Iris is likely to attract interest from trade buyers such as Microsoft, Infor and Sage; while private equity groups Advent and Montagu are also said to be interested.

The announcement comes despite vehement denials of any kind of sale by Iris chief executive Martin Leuw.

'Iris has always been, and will continue to be, an organisation with a face,' said Leuw. 'Expansion will always attract attention and this can manifest itself in speculation about the business ownership.’

Further reading:

Suitors line up to bid for Iris

Iris dispels takeover rumours

Iris forecasts revenues in excess of £45m for 2007/2008