London accounting software firm KashFlow has been acquired by IRIS Software Group.
Terms of the acquisition were not disclosed.
The new combined company will have a joint subscriber base of more than 60,000 accountancy firms and SMEs across the UK.
The acquisition will make them Britain’s leading cloud-based accountancy, payroll and bookkeeping supplier.
Not just about the money
The move will likely help IRIS both in terms of the software technology and KashFlow’s extensive existing customer base.
KashFlow Founder and CEO Duane Jackson is a well-known face on the startup tech scene.
Commenting about the acquisition on his blog, he said it wasn’t all about the cash:
“Money is easy to come by when you’re growing as quickly as we are, more so in a rapidly growing market.
“But money is just an enabler; it takes time to successfully turn hard cash into real benefits. Instead, I tried to work out what we’d be trying to achieve with a cash injection….”