UK-based IRIS Software Group has acquired Innervision, a global provider of lease accounting software, lease management consultancy and services.
The deal is IRIS Software’s fourth acquisition during 2019. Also based in the UK, Innervision has a user base in over 100 countries, and its system hosts in excess of 120,000 leases, with a combined value of over €75bn (£67bn).
Effective from January 2019, new global lease accounting standards for both IFRS and US GAAP changed the way leases are recognised on financial statements. To meet transition requirements and implementation deadlines, companies must collate and centralise their entire lease portfolio, so they can apply the new accounting treatments to every active lease, and every change to those leases within their organisation. Innervision is intended to assist businesses and public sector organisations comply with the new accounting standards with full visibility of real-time lease data.
Kevin Dady, executive chairman of IRIS Software Group, said: “Innervision has an enviable reputation within lease accounting software and the leasing market, particularly for organisations struggling with the complexity and frequency of the new lease accounting standards. Combined with our compliance heritage, cloud competence and international capability, this addition to the Group sits perfectly within our portfolio.”
Director of Innervision, Martin Kennard said: “We share IRIS’ vision in getting critical operational tasks right, first time, every time and have developed our systems and services to satisfy the needs of our clients regardless of international location. We are delighted to join IRIS Software Group and look forward to introducing our joint customers to the wider portfolio. Through our combined breadth and long-standing relationships, we will continue to offer market driven solutions that deliver the productivity and compliance requirements of our customers.”
Innervision arranged new leases of over €135m for its clients in 2018. Innervision’s customers include Addison Lee, Amey, Biffa, Bibby Distribution, Capgemini, Travis Perkins and Computacenter. IRIS Software Group is the UK’s largest privately held software company, and over 15m payment transactions a month are made using IRIS solutions.