UK accounting software provider Iris has acquired tax software specialist PTP Software and Profession Tax Practice in a deal that will boost revenues at Iris to £42m.

PTP was founded 16 years ago by Tim Good and Steve Mayhew and is a well-established brand in the tax software market.

Iris chief executive Martin Leuw said no major changes to PTP products were planned, but did say that 'both teams will be working very closely together to further enhance all of our offering'.

PTP managing director Tim Good said the deal would create 'excellent synergy' between the two companies.