CSG and Iris swallowed up in private equity merger buy

Back office software specialist CSG will be combined with accountancy solutions company Iris in a deal valued at around £500 million.

Global investment firm Hellman & Friedman has acquired two UK software companies in a 500 million spending spree.

The private equity company acquired London-based Computer Services Group, which specialises in enterprise back office software, and Iris Software, a provider of accounting, business and payroll systems.

"Both Iris and CS Group are exceptional businesses with strong positions in key verticals, high levels of subscription revenue and tremendous future growth potential," said Stephen Ducket, managing director of Hellman & Friedman. "We see excellent opportunities for further organic growth supplemented by continued complementary acquisitions."

CS Group left the stock market just four weeks ago, following a 91 million deal to take it private that was backed by another private equity investor - HgCapital. The exact price Hellman & Friedman paid is unknown, but a report in the Financial Times suggests it paid in the region of 200-300 million for Iris plus other assets.

The two companies will be combined and will trade under the Iris name.

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