Accountancy software provider IRIS has announced the acquisition of mid-range accounting software specialists Exchequer for an undisclosed sum.
In a statement IRIS said that the combined business would generate revenues of £30m servicing 9,000 accountancy practices, 40% of which will be within the UK market, as well as about 40,000 businesses with accounting, payroll and HR software. Exchequer also has associate offices in Ireland, New Zealand and Australia.
It said that following its £102m management buyout in July 2004, the Exchequer take-over would ‘cement’ its position as ‘one of the largest and fastest-growing independent business software providers in the UK’.
Martin Leuw, IRIS group chief executive said: ‘Acquiring Exchequer is an important milestone in our goal of becoming the first choice of business software for UK accountants and SMEs.’
An IRIS spokeswoman said that it was ‘part of its strategy’ not to announce the value of the acquisition.
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