Small business accounting software business KashFlow has been acquired by IRIS Software Solutions, eight years after starting out.
Duane Jackson’s KashFlow business has been snapped up by IRIS Software Solutions for an undisclosed amount.
KashFlow, which counts former Cable & Wireless chairman Lord Young as its own chair, was the first piece of accounting software to be certified by PayPal for its integration with the payments service.
Acquiring company IRIS Software Solutions also provides software and services to the UK accountancy and SME sectors and has 30,000 businesses signed up to use its offering.
Jackson, founder and CEO of KashFlow, says, ‘Being part of the wider IRIS Software Group not only gives us direct access to a significant section of the UK accountancy and SME sector but it also makes us part of a wider suite of cloud offerings.
‘This will help us deliver on our vision of further automating and simplifying the process of running a small business, enabling entrepreneurs to cut through the red tape and get on with doing what they do best: winning clients and growing their business.’
Berkshire-headquartered IRIS Software Group is a portfolio company of HgCapital, a private equity firm. Back in December 2011, HgCapital acquired a majority stake following the separation of IRIS into two operating companies; IRIS Accountancy Solutions and IRIS Software Group.
It had held a stake in IRIS since 2004 and then purchased a leading interest in both when the division occurred.
Commenting on KashFlow, Lord Young adds, ‘When I backed the business seven years ago I could see they were offering something truly revolutionary to small businesses.
‘By combining with IRIS they can now take their products to the wider world, with all the marketing and technical support the larger business can bring.’