IRIS Software Group acquires Octopus HR and forms new Human Capital Management division
IRIS Software Group has today announced the acquisition of award-winning technology firm Octopus HR, for an undisclosed sum.
This successful deal has also proven the catalyst for the formation of IRIS Human Capital Management. With nearly 40,000 customers and over 300 employees, this is now one of the largest providers of people-critical software to businesses in the UK.
The Octopus SaaS-based HR solution has dominated the industry’s ‘micro to SME business’ segment since 2002. As part of the new IRIS Human Capital Management division – alongside Cascade HR, IRIS payroll, Earnie and Kashflow – IRIS now has an integrated HR and payroll solution to serve both microbusinesses and multinationals, and anything in between.
Commenting on the acquisition, Oliver Shaw, CEO of IRIS Human Capital Management says: “In 2014, we were delighted to acquire Cascade HR – an award-winning HR and payroll software vendor that has long focused on larger businesses with up to 10,000 employees. Like Cascade and IRIS payroll, Octopus has experienced consistently impressive double-digit revenue growth, due to the team’s commitment to outstanding technological capabilities, high levels of service and investment in the cloud.
“But there was a segment of the market Cascade was unable to serve in our customer base – much smaller firms – which left us with a gap in our portfolio. By combining Octopus with our KashFlow bookkeeping and payroll products, IRIS can now provide a business cloud suite for small organisations.”
The acquisition of Octopus HR cements IRIS as a leading technology provider within both the UK human capital management and accountancy sectors.
Kevin Dady, CEO of IRIS Software Group, adds, “The acquisition of Octopus HR and formation of the new IRIS Human Capital Management division sits alongside the existing IRIS Accountancy division. This enables IRIS Software Group to further realise its strategic vision to connect accountants, businesses and their employees enabling them to efficiently manage their financial, compliance and human capital resource requirements to achieve success.”
“From our client’s perspective, it’s business as usual. Customers will benefit from an extended portfolio of products, supported by the excellent levels of service they have come to expect.”
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With 37 years' experience, IRIS is the UK's market leading provider of business critical software and services to the UK accountancy and human capital management sectors. Over 62,000 companies rely on IRIS every day to run their businesses, including SMEs, corporates and 50 per cent of all UK accountancy firms.
IRIS Accountancy Division provides customers the broadest range of specialist accountancy software and services. With three million tax returns successfully filed with HMRC and 60 per cent of the top 50 UK practices as customers, IRIS is the most trusted accountancy software provider in the UK today.
IRIS Human Capital Management Division provides fully integrated HR and payroll solutions to nearly 40,000 organisations with anywhere between ten and 10,000 staff. Over 10 ten per cent of UK businesses pay their employees via IRIS payroll solutions.