Acquisition to accelerate Swipeclock's product roadmap, advance channel partnership success, and broaden IRIS' portfolio of integrated HCM offerings in the US SMB market
LONDON and SOUTH JORDAN, Utah, May 15, 2024 /PRNewswire/ -- IRIS Software Group (IRIS), a leading global software provider of accounting and payroll solutions, today announced the acquisition of Swipeclock, a U.S. technology leader in small and medium sized business workforce management solutions through its cloud platforms, WorkforceHub and ApplicantStack. The acquisition accelerates innovation within Swipeclock's cornerstone products and expands IRIS' integrated Human Capital Management (HCM) suite, which includes payroll, HR, recruitment and talent management offerings.
"Swipeclock is an excellent addition to the IRIS product portfolio and team. By bringing WorkforceHub and ApplicantStack into our core accountancy and HCM product families, we are broadening the solutions we deliver to customers by enhancing the capability and value of their technologies and businesses," said Jim Dunham, President and General Manager of IRIS Software Group Americas. "I'm so pleased to combine forces with a company like Swipeclock that is investing in the future of work and bringing core technologies like geofencing and facial recognition time tracking to market. Together, we are making best-in-class product features available to businesses of all sizes."
While workforce management solutions have always been essential in managing professional services businesses, shift work environments, variable pay models, and high-security workplaces - the landscape is even more complex in today's rapidly-changing gig and task/project oriented-economy. Companies are increasingly leveraging contractors to manage cost, employees are opting to work remotely with hybrid or flexible schedules, and Gen Z workers are choosing project-based roles over traditional career paths. For those managing talent resources, this new marketplace has increased complexity around recruitment, payroll, time tracking, and attendance - and it has redefined the technology needed for both efficiency and compliance.
With this acquisition, IRIS will infuse additional capital to bring Swipeclock's highly market-relevant product roadmap to customers more quickly. The company will increase support of Swipeclock's essential 1,300+ partnership community, which effectively serves Swipeclock's 45,000+ customers, and it will integrate Swipeclock offerings into IRIS' HCM platforms to address the changing needs of the overall payroll market.
"By joining forces with the IRIS team, their reputation, and resources, we are bringing Swipeclock into an exciting new phase of innovation and growth. I am delighted to deliver enhanced value to our customers, deepen our Partner Programs, and offer our team members expanded opportunities for personal and professional growth in a great and like-minded business," said Coleman Barney, CEO of Swipeclock.
Swipeclock will operate as an independent business within IRIS Software Group, while product development efforts will be fortified by the worldwide IRIS team. Financial terms were not disclosed.
"In this emerging talent economy, the combination of IRIS and Swipeclock brings easy and much needed process integration to support finding the right people for jobs, planning and scheduling their work, and paying for their time and contribution in one simple solution," said Elona Mortimer-Zhika, CEO of IRIS Software Group said. "IRIS is continuously examining the market for new technologies that address the evolving needs of our customers around the world. Swipeclock strongly fortifies our commitment to do just that and is another step in our journey to bring market-leading HCM solutions and regulatory compliance to small and medium-sized businesses across the Americas. We are delighted to have the team and technology in the IRIS fold."
Today's acquisition follows IRIS Software Group's December 2023 announcement of significant investment from LGP, a Los Angeles-based private equity firm, in a transaction valuing the business at an EV of around £3.15bn. Hg, a leading investor in European and transatlantic software and services businesses, also retains a co-controlling stake in IRIS.
Piper Sandler acted as exclusive financial advisor, and Paul Hastings LLP served as a legal advisor to Swipeclock. Harris Williams acted as IRIS' financial advisor and Eversheds Sutherland served as a legal advisor to IRIS Software Group.
About IRIS Americas
IRIS Americas is part of IRIS Software Group. IRIS works with thousands of CPA firms including 54 of the top 100 CPA firms in the US and its payroll solutions for over 150,000 SMEs and 1m employees across the US and Canada. IRIS has over 100,000 UK and international customers, with 80% having a tenure of five or more years. Its brands include IRIS Star Practice Management, IRIS FMP, IRIS Innervision, IRIS Practice Engine, Doc.It, PSI Payroll, AccountantsWorld, MyPay, and Conarc.
About IRIS Software Group
IRIS Software Group is a global provider of mission critical software and one of the UK's largest privately held software companies. IRIS provides software solutions and services for finance, HR and payroll teams, educational organizations, and accountancy firms that takes the pain out of processes and lets professionals focus on the work they love. Through simplifying, automating and providing insights on everyday mission critical tasks for organizations of all shapes and sizes, IRIS ensures customers can look forward with certainty and confidence.
IRIS is the largest third-party online filer with the UK Government. Ninety-three of the top 100 UK accountancy firms use IRIS software. One in six of the UK's workforce is paid by IRIS payroll offerings, and globally, six million employees receive their payslip via IRIS software every month. More than 850,000 UK employees are managed by IRIS HR solutions. Over 12,000 UK schools and academies use IRIS, with four million parents and guardians using IRIS apps to connect with their children's school; 300 million messages are delivered between schools and parents each year, and over £15 million transactional payments are processed every month. IRIS is certified as a Great Place to Work® and recognized as one of The Times Top 50 Employers for Gender Equality in 2023. IRIS is also recognized as one of the Best Workplaces for Wellbeing, one of the Best Workplaces in Tech and one of the Best Workplaces for Women.
Follow IRIS on Facebook, Twitter, Instagram and LinkedIn. More information on its award-winning software solutions can be found here.
About Swipeclock
Swipeclock provides Work Tech solutions designed for the way small businesses work. With a "get in and get work done" friendly and clean user interface, Swipeclock solutions minimize compliance challenges, improve productivity and have the rapid time to value that small businesses need. Swipeclock's flagship product, WorkforceHub, seamlessly connects core human resources, time and labor, benefits management, and talent within one unified solution.
Over 45,000 businesses and 1,000,000 employees are powered by Swipeclock solutions. They are built and supported by teams of workforce management experts, ensuring robust features and an implementation process engineered to deliver quick results and delighted clients. Learn more at www.swipeclock.com.
Media contact:
Tory Waldron
IRIS Software Group
tory.waldron@irisglobal.com
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