23 December 2023

IRIS Software Group secures a co-controlling investment from Leonard Green & Partners in a £3.2bn buyout

Leonard Green & Partners joins Hg and ICG to back the accounting and payroll software provider.

£3150M

IRIS Software Group provides essential software solutions for accountancy, payroll, human resources and education sectors. The company serves organisations across the globe with a rapidly expanding presence in North America.

Leonard Green & Partners has secured a co-controlling stake in IRIS Software Group in a transaction valuing the business at around £3.2bn. Hg will retain its co-controlling interest alongside LGP, building on a two-decade relationship with the software provider, while ICG continues its involvement as a minority investor.

The investment ranks among the largest European software buyouts of 2023. Backed by new US support and existing partnerships, the company aims to accelerate its expansion across North America, where operations already account for over a quarter of group revenues.

From the founder

"To secure backing from a leading US investor in LGP, alongside the continued support of Hg and ICG, underscores IRIS’s enduring success over many decades. Our unparalleled product portfolios combined with excellent customer service have resulted in IRIS being a leader in our sectors. We have also expanded our country presence with a notable focus on the US, so LGP’s local expertise will be instrumental in our acceleration to a world-class transatlantic business."

Elona Mortimer-Zhika

CEO at IRIS Software Group

Investor perspective

"We are incredibly excited to partner with IRIS, whose leadership, value-based culture and reputation for excellence align with the key characteristics we look for in the companies we invest in. We very much look forward to working with Elona and the rest of the management team, as well as Hg and ICG, to accelerate the next phase of IRIS’ growth."

Usama Cortas

Partner, Leonard Green & Partners