Hg- and ICG-backed Iris bolts on BioStore

The transaction comes eight months after Hg's first large-cap vehicle, Hg Saturn 1 Fund, jointly acquired Iris alongside ICG for £1.3bn from Hg's 2008-vintage sixth flagship fund.

Iris develops accountancy and operational software for clients including educational establishments, as well as payroll bureaus and private sector businesses.

Prior to the 2018 acquisition by Hg Saturn 1 and ICG, the group made numerous bolt-ons, including payroll software company Star Computers in May 2018, and Contact Group – a UK provider of parental engagement and truancy management software to the education sector – in April 2018.

Following the latest deal, BioStore will become part of Iris's education division, alongside PS Financials, Results Squared and ParentMail.

Company
Headquartered in Newcastle and founded in 2005, BioStore produces ID verification and cashless payment systems for educational establishments and businesses. The company's products combine biometric verification with personal identification numbers and smart cards.

People
Iris Software Group – Kevin Dady (CEO).
BioStore – Nigel Walker (managing director).

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