- Sector: Application Software
- Deal Type: Private Equity Deals
- Engagement type: Sellside
- Size: $4,000 million
Arma Partners is pleased to announce that it has acted as lead financial advisor to IRIS Software Group (IRIS) in one of Europe’s largest software buyouts in 2023, valuing IRIS at an Enterprise Value of $4 billion. Current owners Hg and ICG will continue to be significant investors supporting the business through its next phase of growth.
IRIS is a leading global provider of mission-critical cloud software in accountancy, payroll, HR and education. Its cloud platform empowers over 100,000 customers across the UK and North America, enabling them to be more productive, drive better engagement and ensure compliance with regulations. Building on its leadership position, IRIS has grown significantly both organically and through acquisitions over the last 5 years, achieving an EBITDA CAGR of 20%. Today IRIS has a rapidly growing presence in North America, which now accounts for over 25% of group revenues.
LGP, alongside current investors Hg and ICG, will support IRIS’s continued growth across compliance-driven industries and accelerate its expansion in North America both organically and through strategic acquisitions.
This deal demonstrates Arma Partners’ outstanding track record of successfully executing landmark transactions and building long-term client relationships, having previously advised on IRIS’s recapitalisations in 2018 and 2015.