The name change, which will take place during September, is designed to identify the company more closely with IRIS, its main product line.
More than 3,200 UK accountancy practices use the company’s IRIS database software, which handles a range of activities from producing client tax returns to generating bills and marketing activities.
IRIS is now extending its range of software with new products and services designed to appeal to the clients of accountancy practices – SMEs.
And the company is planning to form partnerships with its practice clients as its method of expanding in the business market.
Martin Leuw, an Arthur Andersen-trained accountant who took over from founder David Guest as chief executive of the company in May this year, said: ‘By partnering the professional partnership we plan to improve efficiency and increase revenue for our customers, providing them with software and services which they can sell to their clients.
‘Our partnership is with the profession and it is not our intention to establish competing reseller channels.’
The company’s decision to move into the SME market means that it will become a direct rival of companies such as Sage, Microsoft and Pegasus.
Its results for the year ended April 2001 showed turnover of Pounds 9.3m, around 20% up on the prior year, and Leuw said the company is aiming to continue to grow organically by 20% each year.
He also said the company, understood to be frustrated at being pipped to the post in the acquisition of Tas Software by Sage last year, is looking at potential purchases.
Leuw commented: ‘We are active in the accountancy market and are engaged in a number of discussions. We remain fixed on growing our business by both organic means and acquisition, however we are very selective and are determined to retain our independence.’
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