IRIS Software Group announces acquisition of Dext Software

IRIS Software Group has announced its agreement to acquire Dext Software, a provider of bookkeeping automation platforms.

Under the acquisition, IRIS Software Group aims to integrate Dext's bookkeeping automation platform with its existing IRIS Elements, providing an end-to-end solution for accounting professionals. The integration is expected to streamline the entire accounting workflow, connecting data entry and processing with compliance and reporting services.

IRIS Elements currently supports accountants with practice management features, while Dext automates bookkeeping tasks through artificial intelligence. Combining these services is intended to simplify the process for accountants and businesses who currently rely on multiple disconnected tools. This integration will provide a unified interface with single sign-on access, thereby facilitating seamless data exchange and allowing for a comprehensive overview of accountancy operations.

The acquisition supports IRIS Software Group's digital expansion into countries such as the UK, Canada, France, and Australia, allowing it to offer solutions that comply with evolving global regulations. To this end, the consolidated platform aims to stay ahead in adapting to global regulatory needs.

Elona Mortimer-Zhika, Chief Executive Officer of IRIS Software Group, expressed optimism about the merger, stating, "With today's exciting news, we are bringing together our amazing customers, partners, and employees to drive the future of tech in the accountancy 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. 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."

The alliance also aims to speed up Dext's product development, supplementing it with additional capital and enhancing partner integration programs. Dext already maintains compatibility with over 35 bookkeeping software providers and over 11,500 financial institutions. Both companies use a general ledger agnostic approach, facilitating integration with diverse accounting tools and ensuring customer flexibility.

According to Sabby Gill, Chief Executive Officer of Dext, "Joining forces with IRIS marks an exciting new chapter for Dext. This partnership enables us to accelerate our product innovation, deepen our integration program, and deliver a complete, end-to-end solution to our customers. 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."

Sabby Gill is anticipated to join the IRIS Global Executive team after the acquisition. The transaction is subject to standard closing conditions and is expected to be finalised by year-end.