Linklaters has advised Hg, a leading investor in European and transatlantic software and services businesses, in relation to its re-investment in IRIS Software Group, a leading global provider of mission-critical software and services in accountancy, payroll, HR and education, alongside Leonard Green & Partners, L.P. (LGP) in a transaction valuing IRIS at an enterprise value of c.£3.15bn. The investment represents one of Europe’s largest software buyouts for 2023.

LGP, a Los Angeles-based private equity firm, will take a co-controlling stake in the business, supporting IRIS’s US expansion ambitions with its local presence and network. Hg will retain a co-controlling stake in IRIS in acknowledgement of Hg’s transatlantic capabilities and strong 20-year relationship and experience working with the IRIS team. As part of the transaction, ICG will remain as a minority investor in the business.

Closing is subject to customary regulatory clearances.

The Linklaters deal team was led by Co-Head of the firm’s Global Financial Sponsors group Alex Woodward and Private Equity partner Genna Marten, alongside managing associate John Tsui and associate Natalie Mirams. Partner Chris Smale advised on Tax matters.