IRIS Software Group (IRIS), a leading global software provider of accounting and payroll solutions, announced the acquisition of Swipeclock, a U.S. technology leader in small and medium sized business workforce management solutions through its cloud platforms, WorkforceHub and ApplicantStack. The acquisition accelerates innovation within Swipeclock’s cornerstone products and expands IRIS’ integrated Human Capital Management (HCM) suite, which includes payroll, HR, recruitment and talent management offerings.
“Swipeclock is an excellent addition to the IRIS product portfolio and team. By bringing WorkforceHub and ApplicantStack into our core accountancy and HCM product families, we are broadening the solutions we deliver to customers by enhancing the capability and value of their technologies and businesses,” said Jim Dunham, President and General Manager of IRIS Software Group Americas. “I’m so pleased to combine forces with a company like Swipeclock that is investing in the future of work and bringing core technologies like geofencing and facial recognition time tracking to market. Together, we are making best-in-class product features available to businesses of all sizes.”
While workforce management solutions have always been essential in managing professional services businesses, shift work environments, variable pay models, and high-security workplaces – the landscape is even more complex in today’s rapidly-changing gig and task/project oriented-economy. Companies are increasingly leveraging contractors to manage cost, employees are opting to work remotely with hybrid or flexible schedules, and Gen Z workers are choosing project-based roles over traditional career paths. For those managing talent resources, this new marketplace has increased complexity around recruitment, payroll, time tracking, and attendance – and it has redefined the technology needed for both efficiency and compliance.
With this acquisition, IRIS will infuse additional capital to bring Swipeclock’s highly market-relevant product roadmap to customers more quickly. The company will increase support of Swipeclock’s essential 1,300+ partnership community, which effectively serves Swipeclock’s 45,000+ customers, and it will integrate Swipeclock offerings into IRIS’ HCM platforms to address the changing needs of the overall payroll market.
“By joining forces with the IRIS team, their reputation, and resources, we are bringing Swipeclock into an exciting new phase of innovation and growth. I am delighted to deliver enhanced value to our customers, deepen our Partner Programs, and offer our team members expanded opportunities for personal and professional growth in a great and like-minded business,” said Coleman Barney, CEO of Swipeclock.
Swipeclock will operate as an independent business within IRIS Software Group, while product development efforts will be fortified by the worldwide IRIS team. Financial terms were not disclosed.
“In this emerging talent economy, the combination of IRIS and Swipeclock brings easy and much needed process integration to support finding the right people for jobs, planning and scheduling their work, and paying for their time and contribution in one simple solution,” said Elona Mortimer-Zhika, CEO of IRIS Software Group said. “IRIS is continuously examining the market for new technologies that address the evolving needs of our customers around the world. Swipeclock strongly fortifies our commitment to do just that and is another step in our journey to bring market-leading HCM solutions and regulatory compliance to small and medium-sized businesses across the Americas. We are delighted to have the team and technology in the IRIS fold.”
Today’s acquisition follows IRIS Software Group’s December 2023 announcement of significant investment from LGP, a Los Angeles-based private equity firm, in a transaction valuing the business at an EV of around £3.15bn. Hg, a leading investor in European and transatlantic software and services businesses, also retains a co-controlling stake in IRIS.
Piper Sandler acted as exclusive financial advisor, and Paul Hastings LLP served as a legal advisor to Swipeclock. Harris Williams acted as IRIS’ financial advisor and Eversheds Sutherland served as a legal advisor to IRIS Software Group.
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