IRIS Software Acquire Exchequer Software

On 14th March, IRIS Software, leading provider of business software to UK Accountancy Practices and SMEs, has announced the acquisition of Exchequer Software, an award winning independent software house specialising in mid-range accounting software. Following its £102m MBO in July 2004, this move cements IRIS' position as one of the largest and fastest growing independent business software providers in the UK.
The combined business will generate revenues of c£30m servicing 9,000 accountancy practices (40% of the UK market) as well as c40,000 businesses with accounting, payroll and HR software. Exchequer also has associate offices in Ireland, New Zealand and Australia.

The acquisition will build on IRIS's market leading position in the accountancy practice market with a business software (accounts; payroll; HR) product range that will appeal to businesses of all sizes, from start-ups to those employing several hundred staff.
Both companies develop award winning software: IRIS and Exchequer have top rated products in the most recent ICAEW (Institute of Chartered Accountants in England and Wales) surveys. Exchequer also claims the unique accolade of winning more 'Best Mid-Range Accounting Software' awards than any other author.

"The best rated product catering for businesses in the small and medium range was Exchequer" (July 2004 - ICAEW)

"A clear difference between the IRIS product and its competitors in terms of perceived performance and recommendation' in the key categories of: Accounts Production, Personal Tax, Business Tax, Time and Fees, Practice Management" (Oct 2004 - ICAEW)

Martin Leuw, IRIS Group Chief Executive said: "This is the first acquisition since IRIS was backed in a £102m MBO by HgCapital in July 2004. Acquiring Exchequer is an important milestone in our goal of becoming the 1st choice of business software for UK accountants and SMEs.

"The business and cultural fit between IRIS and Exchequer is entirely complementary, with both companies having a superb reputation for the quality of their products and their customer service. The acquisition will allow us to provide scaleable business software solutions for SMEs across the full business spectrum."

Eduardo Loigorri, co-founder of Exchequer Software and current Chairman of BASDA commented: "Exchequer Software has always been identified as a benchmark within our industry, adapting quickly to current opportunities in order to maximise the value of our product for users."

"It has become increasingly evident that there is a present and future need to deliver accounting solutions with a wide range of applications from simple book-keeping to final accounts for statutory purposes."

"We are very excited at the breadth of experience, service and opportunity we will be able to bring with IRIS to the Accounting Software market. The combination of IRIS and Exchequer is a strong one and will create an excellent synergy within which our staff, products and customers, both here in the UK and overseas, can continue to thrive. My fellow co-founder Rob Steele and myself will continue doing what we enjoy most, designing and developing innovative, leading edge business applications within the IRIS Group."