Mon, 11 Jan 2021 | BUSINESS SALE
UK-based IRIS Software Group has announced the acquisition of cloud payroll application provider Staffology for an undisclosed amount. The acquisition fits with IRIS’s goal of helping its customers harness automation tools to enable them to streamline processes and integrate their application, which in turn can free time to focus on strategic activity.
Founded in 2018, Staffology is built on an open Application Programming Interface (API), which enables payroll automation and integration with other products. The cloud-based solution also offers dedicated Umbrella Company features, the option to pay workers off-payroll, auto enrolment and pension management.
IRIS Software Group has over 120,000 customers in the UK and worldwide. It provides software services and solutions for finance, HR, payroll divisions, as well as educational companies and accountancy firms.
IRIS Software Group Executive Chairman Kevin Dady commented: “Businesses are demanding critical operational software that’s suitable for remote working, that can be quickly updated when regulations change, and take advantage of greater flexibility and agility as payroll demands fluctuate.”
“With the accelerated need for digital technologies, the Staffology application is perfectly placed for small to mid-sized businesses that need to access payroll in the cloud. We are delighted that Duane is joining us and look forward to seeing his entrepreneurial talents in SaaS development both flourish and add strategic value to IRIS.”
Staffology founder and CEO Duane Jackson said: “IRIS shares my vision for the evolution of payroll. SaaS-based integration and productivity are going to be crucial for every business in the coming year; the combination of IRIS’s substantial expertise and Staffology’s innovative approach to payroll means customers can benefit from best-in-class solutions.”
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This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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