12th August 2016
The management teams at Bond HR and Payroll Software, Bond Payroll Services, and IRIS FMP, have joined forces under a private equity backed Management Buy Out (MBO) to form a new company specialising entirely within payroll and associated HR services. The company will be known as IRIS FMP.
The acquisition, supported by private equity investor Tenzing, will be completed on 19th August 2016 and the new company will be known as IRIS FMP. The current management team will become the management team of IRIS FMP Payroll, ensuring continuity of service and systems for existing clients.
Market Leading Payroll
IRIS FMP will continue to be the UK independent market leader in International Payroll services, for its domestic clients providing payroll bureau services, and mission critical technology solutions to its UK payroll partners. The payroll market is growing at c.15% per year and the deal has been financed through private equity backing from Tenzing, who will support the management team on continued investment into organic growth and will provide ongoing support to the acquisitions strategy.
Justin Cottrell, CEO of IRIS FMP said “Tenzing shares our vision for the next stage of growth, their track record and acquisition support, tenacity shown throughout the process, support for the management and cultural fit with the business and our team made them the perfect partner for the next stage of the development of our business. We are excited about investing into the business, broadening our offering and continuing to drive service excellence for our clients and partners worldwide.”
Guy Gillon, Managing Partner at Tenzing, commented: “We are delighted to be able to partner with Justin Cottrell and a market leading management team. The payroll services market is growing strongly and with the Group’s track record of innovation it is well placed to build on its impressive growth. We are excited about IRIS FMP having the freedom and independence now afforded to it allowing Justin and his team to realise their own and the company’s potential. We are relishing the challenges ahead and the enjoyment of the journey with the team at IRIS FMP.”
The buyout of IRIS FMP underlines Tenzing’s commitment to supporting buyouts of high growth independent market leaders and backing high energy, driven management teams and founders to accelerate their growth in the UK lower mid market.
Not just business as usual.
The new company retains the talented professional, customer centric teams that currently serve the company’s diverse national and international audience. For customers the change of ownership will be seamless, with a planned transition over a number of months.
But the ambition is to shake up the sector with products and services that really deliver the support that businesses need, and for IRIS FMP to be the ‘employer of choice’ within the sector.
IRIS FMP will retain and build on existing software platforms developed for the payroll and HR markets, but will add complimentary services as part of a flexible, complete package that ranges from fully outsourced payroll, bureau services, software, and international services across 135 countries.
For further information please contact:
Gary Webb, Group Marketing and Communications Director
Tel : +44 (0) 1293 789940