February 18, 2019
Leading provider of innovative identity management, BioStore Limited, has recently been acquired by IRIS Software Group with the help of independent accountancy firm, Tait Walker.
Acting as the exclusive M&A advisor to the shareholders of BioStore Limited, Michael Smith and Lucy Elliot from Tait Walker’s corporate finance team worked with the firm to structure a deal ahead of the sale.
Head of technology and data insight at Tait Walker, Graham Dotchin, was also on hand to help get the business ready for sale by using data analytics to support the business valuations and due diligence process.
Michael Smith, partner at Tait Walker, said: “We are thrilled to have worked with BioStore Limited to advise the firm on its deal with IRIS Software Group. By combining mine and Lucy’s knowledge in corporate finance and Graham’s experience as head of technology and data insight, we were able to offer a tailored solution to benefit both BioStore and IRIS.
“It has been a pleasure to work with all those involved and we wish them all the best for the future.”
BioStore is a principle provider of identity management and cashless catering solutions to UK schools and businesses. Over 3,000 UK schools and sixth form colleges currently use BioStore to improve and streamline access control and how catering services are delivered.
Commenting on the deal itself, Nigel Walker managing director of BioStore, said: “BioStore is delighted to be part of IRIS Software Group where they can create even tighter integrations between our respective award-winning portfolios and innovate further.”
The addition of BioStore to IRIS’ education portfolio further extends the software company’s offering in the running of a modern education. The acquisition has enabled IRIS to expand its offering of solutions to manage all aspects of school management, including finance, assets and communications. The firm’s ability to deliver a step-change in school efficiency and achieve value for money in the use of resources is a prime objective of many Academy and Academy Trusts.
Other advisers on the deal were Muckle (BioStore), PWC, Cooleys and Lighthouse Advisory Partners (IRIS).
For more information on Tait Walker, please visit www.taitwalker.co.uk.