Cavendish Corporate Finance is pleased to announce that it has advised the shareholders of Blayhall Payroll Ltd, the leading UK provider of payroll software that trades as Star Computers Limited ("Star Payroll"), on its sale to business-critical software and services company IRIS Software ("IRIS").
Star's payroll business was developed in the 1970s and 1980s by David Blechner and Jack Schumann and is recognised as industry-leading. It has built an enviable customer base focussed primarily on payroll bureaux including over 50% of the Top 100 accountancy firms, as well as commercial entities, financial institutions, public sector and not-for-profit bodies and education organisations. Currently, Star Payroll supports the payroll for over 75,000 employers and 1,000,000 employees in the UK.
IRIS is the UK's market leading provider of business-critical software and services to the UK accountancy and payroll sectors.
The acquisition extends IRIS' Payroll & HR portfolio, providing a solution to manage larger and more complex payroll solutions and now positions IRIS as the UK's Payroll bureau software specialist.
Joe Stelzer, Managing Partner at Cavendish led the transaction supported by Partner Nick Jones and Senior Executive Matthew Teys.
Bernard Skalla, Chief Executive of Star Payroll, said: "We greatly enjoyed working with Cavendish who immediately understood our objectives for the sale of the business and provided us with sound advice throughout the whole process. In IRIS, Cavendish identified a firm that can develop Star's market-leading software and integrate it into its current, extensive offering to top UK accountancy firms, financial institutions, businesses and public sector bodies. We are confident that the business will flourish under its new ownership."
Joe Stelzer, Managing Partner at Cavendish Corporate Finance, who advised the Blayhall shareholders commented: "We are delighted to have produced an outstanding result for Blayhall's shareholders. Star Payroll is a first class business that dominates its segment through delivering outstanding technology and customer service. The company was immediately attractive to IRIS as a complement to their existing business operations."
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