UK and Germany-based HgCapital has acquired a majority stake in IRIS Accountancy Solutions and IRIS Software Group, from US private equity firm Hellman & Friedman.
The total investment by HgCapital in IAS and ISG amounts to approximately £26.5m ($41.6m), the firm said.
IAS and ISG were created following the split of IRIS Software Group Ltd. HgCapital previously held a minority stake in the parent company.
Chairman of IAS and ISG, Nick Discombe, said, “This represents a significant vote of confidence from HgCapital. They have a good understanding of the strengths and market positions of IRIS Accountancy Solutions and IRIS Software Group and their expanded investment demonstrates their belief that we can achieve further significant growth.”
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