IRIS and CSG merge through acquisition

Following £500m investment from private equity firm, the two companies will operate under the IRIS Software Group umbrella

Private equity group Hellman and Friedman LLC has made a £500m investment in software firms IRIS and Computer Software Group (CSG).

As a result the two firms, which supply software to the law and accountancy sectors, will merge under the IRIS Software Group umbrella and will generate combined turnover of over £100m.

Both businesses have been acquired from HgCapital, which will remain a ‘significant’ shareholder in the combined group.

Martin Leuw, formerly chief executive of IRIS, will become group chief executive of the new firm.

He said: “This deal provides a first class platform for future expansion as it significantly expands our R&D capabilities and service infrastructure as well as providing tremendous scope for career opportunities for our employees.

Vin Murria, formerly CSG chief executive will become chief M&A officer at the firm. He said: “This is an exciting opportunity to dynamically grow a successful customer centric business that can only be positive for all clients and employees alike.”