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Iris Software agreed FMP Global acquisition
Posted on Wednesday, 14 August 2019 14:01
UK-headquartered business software provider Iris Software has reached an agreement to buy payroll and human resources (HR) outsourcing solutions and software provider FMP Global.
No financial details of the transaction have been disclosed at this time, but Iris has said it will be the group’s largest acquisition to date.
The deal will represent an exit for private equity investor Tenzing, which acquired the business from Bond Software International back in August 2016.
Bond had owned the company since May 2014, when it took it over for GBP 8.50 million.
Completion is expected to follow by the end of September this year.
Commenting on the acquisition, Iris chief executive Kevin Dady said: “Bringing FMP into the Group is transformative, expanding Iris’ footprint into the US and other international markets, while also further strengthening our position in the UK payroll and HR sectors.”
He added that the buyer’s experience will enable it to help the target reach the next stage of its growth trajectory, while citing increased demand for payroll outsourced management technology both at home and abroad as an additional factor behind the decision to buy.
FMP describes itself as the leading provider of payroll and HR services to small and medium enterprises, both in the UK and internationally.
The company has a history dating back more than 40 years and a customer base spanning 135 countries.
Clients include big names like Top Shop, Monster Energy and rugby union team Harlequins.
The deal is the tenth targeting a payroll services provider to have been announced worldwide since the beginning of 2019, according to Zephyr, the M&A database published by Bureau van Dijk.
Of these, only four had disclosed values, with the largest coming in at USD 94.40 million as Accel-KKR bought US-headquartered PAI Group back in February.
Other companies in the sector to have been targeted this year include Smartgroup Corporation, ZayZoon and One Source Payroll.
© Zephus Ltd