HgCapital, a European sector-focused private equity investor, has acquired a majority stake in both IRIS Accountancy Solutions and IRIS Software Group following the separation of IRIS Software Group Limited into two operating businesses.
HgCapital has acquired its stakes from the US-based private equity firm Hellman & Friedman. It has held a stake in IRIS since 2004, and has been a minority shareholder alongside Hellman & Friedman since 2007.
IRIS Accountancy Solutions provides specialist applications software and solutions to the UK Accountancy and Payroll sectors. IRIS Software Group primarily operates in various other vertical software markets.
The investments are expected to help HgCapital continue to grow the businesses, which will continue to be led by Chairman Nick Discombe.