In a strategic move to dominate the growing cloud accountancy sector, IRIS Software Group has announced it has reached an agreement to acquire Dext, a leading financial recording platform, from global private equity giant Hg. The deal, which will close in December, marks a significant step in IRIS’s efforts to enhance its product portfolio and meet the increasing demand for automated financial solutions.
Hg Agrees to Sale of Dext to IRIS : A Deal Worth Millions
Though the financial details of the transaction were not disclosed, the deal values Hg’s investment in Dext at approximately £32.7 million, reflecting a £3.6 million increase in the platform’s value since September. The acquisition positions IRIS to build on its existing capabilities, offering a more comprehensive cloud-based suite of accountancy tools.
Elona Mortimer-Zhika, CEO of IRIS, described the acquisition as a key milestone for the company. “This acquisition is a direct response to the growing need for automation in accountancy,” Mortimer-Zhika said. “By integrating Dext’s solutions, we can offer our clients a more powerful, compliant suite of cloud-based tools that will save them time and boost productivity.”
Enhancing the Cloud Accountancy Experience
Iris Software Group’s move to acquire Dext aims to improve the automation features of its existing portfolio. The combination of Dext’s bookkeeping platform with IRIS’s own suite of tools will help streamline financial operations for accountants, freeing up valuable time for client advising, business growth, and overall strategic focus.
