Iris Software snaps up Dext in multi-million-dollar deal
Iris Software has announced the acquisition of Dext to deliver complementary and fully integrated, end-to-end solutions for accountants, bookkeepers and businesses.
Iris Software Group announced it had acquired Dext to unite the two cloud-based platforms to provide a range of services including accountancy, education management, HR and payroll solutions as well as bookkeeping automation.
According to Iris, together both companies would cover the entire end-to-end accountancy workflow, from data entry and processing to compliance, reporting and advisory services.
The acquisition would enable this coverage as Iris specialised in the support of accountants and businesses with practice management and compliance functionality, while Dext simplified bookkeeping and improved productivity with automation.
In a LinkedIn post, Australian accountants shared concern towards the acquisition and stated they were hopeful no feature or functionality changes would be made to the Dext platform.
Iris Software CEO Elona Mortimer-Zhika said the two companies were bringing their customers together to drive the future of tech in the accounting industry.
“We are doubling down on our promise to build and offer the most compliant cloud solutions that deliver our customers the highest levels of productivity and engagement, giving them back the critical time they need to advise their clients, grow their businesses and do what they love,” she said.
“Accountancy has been the heartland of Iris for 46 years; together with Dext we have a shared passion to be the biggest supporters and best champions of accountants, globally.”
Iris Software said as a result of its integration with Dext, there would be a seamless connection between them with a secure single sign-on and the ability to share data across both platforms.
This would create a single, end-to-end view of the entire accountancy workflow, according to Iris Software.
“By expanding the global digital footprint in countries like the UK, Canada, France and Australia, the acquisition will also support accountants in staying ahead of rapidly evolving global regulatory and compliance requirements.”
Iris Software and Dext share a general ledger-agnostic strategy, which allows the platforms to integrate with a wide array of accounting software and bookkeeping providers.
The acquisition would feature the ability and flexibility for accountants and bookkeepers to use their preferred bookkeeping tools with a satisfactory user experience.
Dext CEO Sabby Gill said joining forces with Iris was an exciting new chapter.
“This partnership enables us to accelerate our product innovation, deepen our integration program and deliver a complete, end-to-end solution to our customers,” Gill said.
“I look forward to working alongside the Iris team to unlock new opportunities for our customers and offer our team members expanded opportunities for personal and professional growth.”
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