IRIS Software Group enters definitive agreement to acquire FMP Global
Group expands footprint in US and international markets while strengthening UK position
14th August 2019: IRIS Software Group, is today announcing it has entered into a definitive agreement to acquire FMP Global, from Tenzing, the UK lower mid-market investor. FMP is a leading provider of payroll and HR services to international and UK based Small and Medium sized Enterprises.
Set to be the largest acquisition by IRIS to date, FMP Global is closely aligned with the Group’s mission to be the most trusted provider of mission critical software and services. In the UK, US and internationally, FMP supports over 1,750 businesses in 135 countries, providing international HR consultancy, outsourced global payroll services, and international money transfers.
Kevin Dady, CEO of IRIS Software Group says, “As part of our acquisition strategy, we continue to identify opportunities to expand both domestically and internationally where we can apply our expertise in compliance-driven software. Bringing FMP into the Group is transformative, expanding IRIS’ footprint into the US and other international markets, while also further strengthening our position in the UK payroll and HR sectors.
“Domestically we are seeing an increased demand for fully or partially outsourced payroll management solutions and internationally, we are seeing a growing payroll requirement for businesses of all sizes. IRIS’ heritage, combined with its marketing reach, investment in cloud technology and sector expertise will help propel FMP Global to the next phase of its growth.”
Justin Cottrell, CEO of FMP Global comments, “IRIS shares our vision for the next stage of growth. Its track record for acquisition and integration of businesses into the IRIS family makes it the perfect partner. The support for management and its culture complements the next chapter of the FMP story. We are excited about IRIS investing into the business, reinforcing our commitment to service excellence for our clients and partners worldwide.”
IRIS Software Group has secured an increment to its Term Loan from Credit Suisse with an expectation that pro-forma for the acquisition leverage will remain in line with leverage at Closing of the 2018 LBO by Hg and ICG. The FMP acquisition will close before the end of September 2019.