Penningtons Manches Cooper’s corporate team has advised IRIS Software Group, the UK’s largest privately held software company, on its acquisition of Innervision. Innervision is a global provider of lease accounting software, lease management consultancy and services. Oxford-based corporate partner Will Axtell led the team, supported by senior associate Nicola Harding. Commercial senior associate Edmund Forey also advised on the deal, alongside tax specialist Kathy Hills.
The deal is the next step in IRIS Software Group’s strategy to lead with compliance-driven software expertise in domestic and international markets and is its fourth acquisition during 2019. Innervision helps businesses and public sector organisations comply with the new accounting standards with full visibility of real-time lease data. With a user base in over 100 countries and customers including Addison Lee, Amey, Biffa, Bibby Distribution, Capgemini and Travis Perkins, Innervision’s system hosts in excess of 120,000 leases, with a combined value of over €75 billion.
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.”
Will Axtell, Partner at Penningtons Manches Cooper said “We were delighted to have helped IRIS on this strategic acquisition. All parties worked efficiently to help achieve a tight timetable for the transaction. We wish IRIS and Innervision all the very best for an exciting future.”
This deal is the latest in a series of technology sector transactions undertaken by Penningtons Manches Cooper’s corporate and IP teams.