Save content
Have you found this content useful? Use the button above to save it to your profile.
IRIS Software expands its American portfolio with myPay deal
iStock_imaginima_USA

IRIS adds myPay to American payroll options

by

IRIS Americas president and general manager Jim Dunham tells AccountingWEB how its latest acquisition, the payroll service provider myPay, fits into his ambitious growth plans.

7th Nov 2022
Save content
Have you found this content useful? Use the button above to save it to your profile.

IRIS Software Group has bought payroll services provider myPay Solutions from the US wing of Thomson Reuters.

As a supplier of outsourced payroll and associated banking and tax services to Certified Public Accountant (CPA) firms in all 50 states, myPay will accelerate IRIS’s expansion into the North American accountancy practice software market, according to IRIS president and regional manager Jim Dunham.

Not to be confused with independent UK payroll software supplier MyPAYE, the US outfit adds a complementary service offering to IRIS’s domestic and international payroll and HR consultancy portfolio.

IRIS and Thomson Reuters signed letters of intent to complete the deal back in May, but the regulatory hoops for transferring myPay’s money transfer licences (MTLs) to the new owner were “significant”, Dunham said.

Those MTLs were an important part of the package, he continued. “Driven by Covid changes, a consortium of states is saying that payroll providers need MTLs. If 13–15 states are saying this, it’s going to be a big shake-up in the US payroll market,” he said.

Now that myPay was part of IRIS, he continued, “We have all applicable MTLs for the US, we have the technology platform and we have managed services for the US. We also have a Canadian-managed service provider in PSI and an international capability.

Cloud platform potential

The technology platform he referred to is the AccountantsWorld cloud solution IRIS acquired in January this year. That deal was just one of a string of purchases IRIS has undertaken in North America. Its product portfolio now includes IRIS Star Practice Management, IRIS FMP, IRIS Innervision, IRIS Practice Engine, Doc.It, PSI Payroll, AccountantsWorld, Senta and Conarc.

The 1,800 customer firms added as part of the myPay deal means IRIS is now supplying software or services to 6,000 CPA firms in North America, including 52 of the top 100 CPA firms in the US.

Focus on payroll

The focus on payroll is part of an IRIS tactic to bypass the tax software “duopoly” of Wolters Kluwer and Thomson Reuters, Dunham explained. “This deal will expand our ability to serve firms higher up in the market,” he said. “There are some tier 1 firms we’re targeting to see how we can engage with their payroll teams.”

The company’s first moves across the Atlantic were led by the practice management applications Star and Practice Engine, supplemented by Senta. The Doc.It deal added document management to the package and more recently Accountants World brought bookkeeping and payroll functions into the portfolio.

With this line-up behind him, Dunham said IRIS can now offer accountants in North America “a platform that’s compliant and up to snuff, managed payroll services and hybrid options”. 

He continued: “The large incumbents haven’t been investing in these markets. With our acquisition of myPay, Thomson Reuters is to all intents and purposes exiting payroll. This gives us an opportunity to go after CPAs in a very different way.”

And not just accountancy firms. “If someone wants to sell a managed service business, we want to talk to them as well,” said Dunham. “We’re a very acquisitive company and are happy to have those conversations.”

Replies (1)

Please login or register to join the discussion.

avatar
By Paul Crowley
08th Nov 2022 17:34

Is UK Aweb being made available to the USA now given the demise of its sister?

Felt obligated to comment given that it is now 'trending'

Thanks (0)