Law firm Shoosmiths’ corporate team has provided legal advice to the selling shareholders of Innervision Management on its sale to IRIS Software Group, the largest privately held software group in the UK, for an undisclosed sum.
Innervision’s software helps organisations comply with new global lease accounting standards through full visibility of leasing data in real-time.
Based in London, Innervision has customers in over 100 countries, and its system hosts in excess of 120,000 leases, with a combined value of over €75 billion. Innervision’s customers include Addison Lee, Amey, Biffa, Bibby Distribution, Capgemini, Travis Perkins and Computacenter.
The acquisition of Innervision is the next step in Langley-based IRIS Software Group’s strategy to become a global leader in compliance-driven software, and is its fourth acquisition in 2019.
Kevin Dady, executive chairman of IRIS Software Group, said: “Innervision has an enviable reputation within lease accounting software and the leasing market, particularly for organisations struggling with the complexity and frequency of the new lease accounting standards.
“Combined with our compliance heritage, cloud competence and international capability, this addition to the Group sits perfectly within our portfolio.”
Steve Barnett, corporate technology partner at Shoosmiths who led the team advising the sellers, said: “We were delighted to help the sellers achieve this exit. We drew on the combined expertise of our colleagues around the UK including Andrew Millar, Katie Yorke and Jessica Berkeley within our corporate team, Hamish Corner and Adam Fox in our intellectual property team and Kate Featherstone and Caroline Airey on the significant tax aspects of this sale. This further demonstrates our strength in depth in working with high-growth technology companies and the entrepreneurs who found them.”
Martin Kennard, Innervision’s founder and CEO, said: “The sensible and pragmatic approach taken by the Shoosmiths’ team helped us to complete the sale to a tight timescale. We are delighted to join IRIS Software Group and look forward to introducing our joint customers to the wider portfolio. Through our combined breadth and long-standing relationships, we will continue to offer market driven solutions that deliver the productivity and compliance requirements of our customers.”