Accountancy software company IRIS refused to be drawn on a speculative report by the Daily Telegraph that the company is to be sold or floated.
The newspaper reported over the weekend that Hg Capital, the company's private equity owner, recently held a beauty parade of investment banks. IRIS underwent a management buyout in 2004 with the assistance of Hg Capital, which now owns 62% of the company. Lloyds Development Capital also owns a 12% stake.
With Hg's backing, IRIS has acquired the payroll software houses Freeway and Intex, along with mid-market accounting specialist Exchequer Software and tax specialist PTP. IRIS now operates three separate divisions offering practice, small business and enterprise systems.
If the press speculation is true, it represents a potential cha...