Sale to IRIS Software Group Ltd.

Technology & Services
Sale to IRIS Software Group Ltd.

Summary

Baird served as the exclusive financial adviser to FMP Global Holdings Limited and the shareholders on this transaction

About

FMP Global Holdings Limited (“FMP” or the “Company”), a portfolio company of Tenzing Private Equity LLP (“Tenzing”), recently entered into a definitive agreement to be acquired by IRIS Software Group Ltd. (“IRIS”), a portfolio company of HgCapital LLP (“Hg”) and Intermediate Capital Group plc (“ICG”) (“LSE:ICP”). Terms of the transaction were not disclosed.

FMP is a leading provider of international payroll services and software. In the United Kingdom, the United States and internationally, FMP supports over 1,750 businesses in 135 countries, providing international HR consultancy, outsourced global payroll services, and international money transfers. During Tenzing’s investment, the business grew profits on average 28% every year, completed three acquisitions and grew its employee base by 50%. FMP is headquartered in Chichester, the United Kingdom and was founded in 2006.

Tenzing is an independent private equity investor that targets buyout investments in high organic growth SMEs across the United Kingdom and Ireland valued between £10m and £75m. Tenzing believes in supporting, inspiring and investing alongside high energy, high performance management teams with which it has a shared vision. FMP represents Tenzing’s maiden exit and demonstrates its ability to support buyouts of high growth, independent market leaders and work effectively with high energy management teams and founders in order to grow businesses in the United Kingdom lower mid-market. Tenzing is headquartered in London, the United Kingdom.

IRIS Software Group is a leading United Kingdom based provider of business critical software solutions for compliance and regulatory driven sectors, such as the accountancy, education, payroll & human resources management. Over 21,000 accountancy firms use IRIS applications and 86,000 SMEs use IRIS bookkeeping, HR and payroll solutions. Four million parents and guardians use IRIS apps to connect with their child’s school, which is used by 11,000 schools and academies. 620,000 United Kingdom employees are managed by IRIS HR solutions and 2.3 million United Kingdom employees are paid by IRIS payroll solutions. IRIS Software Group is headquartered in Langley, the United Kingdom.

Hg is a leading specialist private equity investor focused on software and service businesses. With three investment offices based in London, Munich and New York, 170 employees and £10bn funds under management, Hg is one of the largest technology investors in Europe. Over the last 25 years, Hg has led over 100 investments in the software and services sector. Hg is committed to building businesses that change the way we all do business, through deep sector specialisation and dedicated operational support. Hg is headquartered in London, the United Kingdom.

ICG is global alternative asset manager in private debt, credit and equity, with €38.6bn of assets in third party funds and proprietary capital, principally in closed end fund. By developing long-term relationships with its business partners and providing capital to support companies’ growth through private and public markets, ICG delivers value for shareholders, clients and employee. ICG is listed on the London stock exchange (“LSE:ICP”) and a constituent of the FTSE 250 index. ICG is headquartered in London, the United Kingdom.
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Technology & Services
Sale to IRIS Software Group Ltd.
Date
August 2019
Company
FMP Global Holdings Limited
Transaction
M&A
Sectors
Technology & Services
Target Location
Europe
Acquiror Location
Europe

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