IRIS Software Group has acquired cloud-based bookkeeping software developer KashFlow to create a joint subscriber base of more than 60,000 accounting firms and SMEs across the UK.
IRIS claimed the combined business will lead the market in supplying cloud-based accountancy, payroll and bookkeeping solutions to SMEs and accountants.
KashFlow, which was founded by Duane Jackson in 2006, will benefit from IRIS's nationwide sales, marketing and support teams, and takes its place in the company's growing portfolio alongside IRIS OpenBooks, a rebadged version of KashFlow's competitor FreeAgent in which IRIS holds a 10% stake.
IRIS will continue to provide IRIS OpenBooks to existing customers, but expects KashFlow to provide “even deeper levels of functionality” for accountants and small businesses through integration with KashFlow.
IRIS chief executive Phill Robinson said KashFlow was a “perfect fit” with his existing suite of products and explained to AccountingWEB: “[IRIS OpenBooks] has been a good product, and does well, and we want to continue supporting customers that have chosen it. There’s no concept of that partnership dissolving or going away, or not being supported.”
While IRIS would continue to support OpenBooks...