IRIS Software Group, a global provider of accounting and payroll solutions, has announced its acquisition of Swipeclock, a leader in workforce management solutions for small and medium-sized businesses (SMBs) in the United States. The deal, which aims to accelerate Swipeclock’s product innovation and enhance IRIS’ Human Capital Management (HCM) suite, marks a significant expansion of IRIS’ presence in the US market.
Jim Dunham, President and General Manager of IRIS Software Group Americas, emphasized the strategic fit of Swipeclock’s products with IRIS’ existing portfolio.
“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 Dunham. He highlighted the importance of incorporating technologies like geofencing and facial recognition time tracking to meet the evolving needs of the modern workforce.
The acquisition comes at a time when workforce management solutions are becoming increasingly crucial for businesses navigating the complexities of the gig economy, remote work, and flexible schedules. The combined resources of IRIS and Swipeclock are expected to provide comprehensive solutions for recruitment, payroll, time tracking, and attendance management.
With the new capital infusion from IRIS, Swipeclock aims to accelerate its product roadmap and enhance support for its extensive network of over 1,300 partners, which serve more than 45,000 customers. Coleman Barney, CEO of Swipeclock, expressed enthusiasm about the partnership. “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 Barney.
Swipeclock will continue to operate as an independent entity within IRIS Software Group, with its product development efforts bolstered by IRIS’ global team. The financial terms of the acquisition were not disclosed.
Elona Mortimer-Zhika, CEO of IRIS Software Group, underscored the strategic importance of the acquisition in addressing the needs of the emerging talent economy. “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 Mortimer-Zhika. She added that the acquisition aligns with IRIS’ commitment to delivering market-leading HCM solutions and regulatory compliance to SMBs across the Americas.
The acquisition follows IRIS Software Group’s significant investment announcement in December 2023, involving Los Angeles-based private equity firm LGP, which valued IRIS at approximately £3.15 billion. Hg, a major investor in European and transatlantic software and services businesses, retains a co-controlling stake in IRIS.
Advisors for the transaction included Piper Sandler and Paul Hastings LLP for Swipeclock, and Harris Williams and Eversheds Sutherland for IRIS Software Group.
About IRIS Software Group
IRIS Software Group is a global provider of mission-critical software solutions for finance, HR, payroll teams, educational organizations, and accountancy firms. Serving thousands of CPA firms and SMEs, IRIS is a major player in the UK and international markets, known for its extensive customer base and award-winning software solutions.
About Swipeclock
Swipeclock offers workforce management solutions designed for SMBs, with a focus on minimizing compliance challenges and improving productivity. Its flagship product, WorkforceHub, integrates core human resources, time and labor, benefits management, and talent management into one unified solution, serving over 45,000 businesses and 1,000,000 employees.