IRIS buys Utah-based Swipeclock

U.K.-based IRIS Software Group announced its further expansion in the U.S. market through its acquisition of Utah-based solutions provider Swipeclock, the company behind WorkforceHub — a time and attendance, scheduling and hiring solution — and ApplicantStack, which is used to find, hire and onboard new employees.

Swipeclock will operate as an independent business within the IRIS Software Group, while product development efforts will be fortified by the worldwide Iris team. Financial terms were not disclosed.

"Swipeclock is an excellent addition to the IRIS product portfolio and team," said Jim Dunham, president and general manager of IRIS Software Group Americas. "By bringing WorkforceHub and ApplicantStack into our core accountancy and HCM product families, we are broadening the solutions we deliver to customers by enhancing the capability and value of their technologies and businesses. I'm so pleased to combine forces with a company like Swipeclock that is investing in the future of work and bringing core technologies like geofencing and facial recognition time tracking to market. Together, we are making best-in-class product features available to businesses of all sizes."

Iris will increase support of Swipeclock's 1,300+ partnership community, which effectively serves Swipeclock's 45,000+ customers. It will also integrate Swipeclock offerings into its own HCM platforms to address the changing needs of the overall payroll market. IRIS said companies are increasingly leveraging contractors to manage cost, employees are opting to work remotely with hybrid or flexible schedules, and Gen Z workers are choosing project-based roles over traditional career paths, all of which has served to increase complexity around recruitment, payroll, time tracking and attendance.

"In this emerging talent economy, the combination of IRIS and Swipeclock brings easy and much needed process integration to support finding the right people for jobs, planning and scheduling their work, and paying for their time and contribution in one simple solution," said Elona Mortimer-Zhika, CEO of IRIS Software Group. "IRIS is continuously examining the market for new technologies that address the evolving needs of our customers around the world. Swipeclock strongly fortifies our commitment to do just that and is another step in our journey to bring market-leading HCM solutions and regulatory compliance to small and medium-sized businesses across the Americas. We are delighted to have the team and technology in the IRIS fold."

This marks the latest in a series of acquisitions IRIS has made to further entrench itself in the U.S. market, including myPay Solutions from Thomson Reuters and ApexHCM, along with AccountantsWorld, among others. In a 2022 interview with Accounting Today, Dunham said such acquisitions were key to the company's overall strategy for the U.S. While the current focus is on North America, Dunham said the company intends to take a similar strategy in other countries as well, noting it has already laid the groundwork in the Caribbean.

The company has also acquired 12 North American-based accountancy and HCM companies since FY19. This is part of its rapidly growing presence in North America, which now accounts for over 25% of group revenues, as of December 2023. Dunham, in a followup email to Accounting Today, noted that this is part of the company's overall growth strategy, which emphasizes acquisitions alongside organic growth.

"At IRIS, we remain focused on expanding our services and solutions in operational software: the mission-critical part of every business. We continue to invest in quality companies, like Swipeclock, whose products and people enable us to provide broader and more integrated offerings to small and medium-size businesses, ensuring smooth and efficient management of payroll processing, talent acquisition and workforce planning. Alongside organic growth, IRIS will continue to identify and acquire companies that help us build world-class products," he said.