Accountancy solutions provider IRIS Software Group has signed a definitive agreement to acquire bookkeeping automation platform provider Dext Software.
Financial terms of the transaction were not disclosed.
This acquisition aims to bring together two cloud-based platforms, Dext’s Bookkeeping Automation Platform and IRIS Elements, to offer a fully integrated, end-to-end solution for accountants, bookkeepers, and businesses.
IRIS Elements provides accountants and businesses with tools for practice management and compliance, including features for producing accounts and filing tax returns.
Meanwhile, Dext is designed to streamline bookkeeping and enhance productivity by automating routine tasks with artificial intelligence (AI).
Together, these platforms will cover the entire accountancy workflow, from data entry and processing to compliance, reporting, and advisory services, the company said.
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By GlobalDataMany accountants and businesses currently face “app fatigue” from managing multiple disconnected tools.
The integration of IRIS and Dext’s cloud platforms promises to offer a seamless connection with a secure single sign-on and data sharing, creating a comprehensive view of the accountancy workflow.
This acquisition will also expand IRIS Software Group’s global digital footprint in countries such as the UK, Canada, France, and Australia.
Furthermore, IRIS plans to accelerate Dext’s product roadmap, provide additional capital, and enhance its partner integration programme, which already connects to more than 35 bookkeeping software platforms and more than 11,500 banks and financial institutions.
IRIS Software Group CEO Elona Mortimer-Zhika said: “We are doubling down on our promise to build and offer the most compliant cloud solutions that deliver our customers the highest levels of productivity and engagement, giving them back the critical time they need to advise their clients, grow their businesses, and do what they love.”
Dext CEO Sabby Gill said: “This partnership enables us to accelerate our product innovation, deepen our integration programme, and deliver a complete, end-to-end solution to our customers.”
The transaction is subject to customary closing conditions and is expected to be finalised by the end of this calendar year.
In November 2024, IRIS launched IRIS Elements Enterprise, a new tier that adds features such as automated tax processes.
