Iris Software Group announced Tuesday that it has reached an agreement to acquire Dext, a financial recording platform, from global private equity firm Hg. The move aims to enhance Iris’ cloud accountancy offerings in a growing sector.
Deal Terms and Strategic Benefits
While the financial terms of the transaction were not disclosed, the acquisition values HgCapital Trust’s investment in Dext at approximately £32.7 million, marking a £3.6 million increase in the platform’s value since September. Iris expects the deal to close in December.
Iris’ CEO, Elona Mortimer-Zhika, emphasized that the acquisition would improve the automation features of its accountancy cloud software portfolio. “We are doubling down on our promise to build and offer the most compliant cloud solutions that deliver our customers the highest levels of productivity and engagement,” Mortimer-Zhika stated. She added that the deal will allow Iris customers to focus more on client advisories, business growth, and other core activities.
