The move will help establish the company’s presence in the SME marketplace and the company hopes the acquisition will boost the brand name in the accounting profession.
The purchase means IRIS’ professional customer base will grow from 3,300 accountancy practices to around 7,000. In addition IRIS will be able to boost the services it offers with the addition of Freeway’s new payroll bureau service.
Following the purchase, IRIS said it expected its revenues to ‘defy the current gloom in the IT sector with turnover predicted to grow significantly over the coming years’.
IRIS group chief executive Martin Leuw said a ‘natural synergy’ already existed between the two companies.
‘Both companies enjoy outstanding reputation for providing high quality, innovative products and excellent ongoing customer support,’ Leuw said.
In September Transaction Technology re-branded itself as IRIS as part of a ‘repositioning’ drive to align the company with its core product line.
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