Sale of Exchequer Software to IRIS handled by Shield

Significant premium for owner-managers

Two businessmen, who started their IT company in a garage after leaving college in the late 80s, sold their business to a national accountancy software group for an undisclosed sum, in a deal handled by Shield Corporate Finance.

Shield celebrates the sale of Exchequer Software to IRIS with the Founders, Robert Steele and Eduardo Loigorri. Photography © Zoë Bonaventure 07915 089722

Shield celebrating the deal with the Co-founders of Exchequer Enterprise

Eduardo Loigorri and Robert Steele, both co-directors of Exchequer Software, built up their accounts software business from just the two of them to a payroll of 70 employees. They exported across the globe, and had distributors in Ireland, New Zealand, Singapore and Australia.

The firm was sold to IRIS, one of the UK's leading accountancy software providers. The acquisition of Exchequer means that IRIS will now generate revenues of £30m, servicing some 9,000 accountancy practices, 40% of which will be within the UK market, as well as around 40,000 businesses with accounting, payroll and HR software.

Robert Steele said that the acquisition of the company now means more investment opportunities to develop key products the firm had been working on, a solid future and more opportunities for the firm's employees. Both Eduardo and Robert have also secured new roles in the acquired company.

"Six months ago we employed Shield, an international mergers and acquisitions firm with offices in London and Poole, to advise us. Through Shield's experience and track record of projecting future potential growth, we were able to maximise the value within the business", said Robert Steele.

Eduardo Loigorri said, "In our case, selling a business we had built up over 20 years was a once-in-a-life-time event. Finding the right corporate advisers was essential to us completing this transaction successfully, and Shield proved to be an excellent ally to have on our side during this process. They were superb, guiding us through a very demanding process, very innovative, attentive and refreshingly straightforward to deal with. I cannot commend them highly enough."

Dr. David Young, CEO of Shield, added, "When business owners are thinking about selling or merging, it's essential they take independent specialist advice at the very earliest stage. By creating the right sale environment, and accurately demonstrating to a would-be purchaser the middle to long-term potential growth in the company it is often possible to greatly increase the value and terms of sale.

Eduardo and Robert have committed nearly two decades to Exchequer, and our role was to safe-guard their interests, and those of their employees."



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