After months of speculation and denials, Iris finally confirms that it will go up for sale
Accountancy Age, 11 May 2007
Iris , the accounting software group, has been put up for sale after months of rumours about its future.
The company announced today that it had appointed UBS to advise on the sale of the business and that it had already received interest from private equity buyers and 'the international professional publishing sector'.
The company has vociferously denied that the takeover speculation that has been circling the business since the start of the year, but has finally confirmed that it is now in play.
Iris, lead by chief executive Martin Leuw, has been backed by private equity groups Hg Capital and LDC. It is estimated that the company could go for as much as £250m.
'The priority has always been to manage these transitions in a way which maintains our total focus on our customers’ needs for a stable relationship with their software partner,' said Leuw, who just a few months ago had described takeover talk as 'faceless'.
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