Tait Walker advises Biostore on its sale to IRIS Software
Tait Walker Corporate Finance are delighted to announce that it acted as exclusive M&A advisor to the shareholders of Biostore Limited on its sale to leading UK business-critical software provider, IRIS Software Group.
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 use Biostore’s identity management and cashless catering solutions to improve and streamline access control and how catering services are delivered.
Michael Smith and Lucy Elliott from Tait Walker’s Corporate Finance team structured and negotiated the deal. Graham Dotchin helped get the business ready for sale and used data analytics to support the business valuation and due diligence process.
The acquisition further extends IRIS’ offering in the running of a modern education facility by adding Biostore’s identity management and cashless catering solutions to its portfolio. The acquisition extends the IRIS education portfolio, providing solutions to manage all aspects of school management, including finance, assets and communications. Its 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.
Kevin Dady, CEO of IRIS Software Group, said:
“BioStore has developed some game-changing technology for the education sector and I’m delighted to welcome the business to IRIS. Our mission is to help all education establishments become more efficient and productive by reducing administration and delivering services that benefit schools, colleges, students and parents. This acquisition is yet another step in helping us achieve this goal.”
Commenting on the deal itself, Nigel Walker said:
“BioStore is a leader in providing innovative identity management and cashless catering solutions to schools and businesses for many years. We’re delighted to be part of IRIS Software Group where we can create even tighter integrations between our respective award-winning portfolios and innovate further. Together with IRIS we can offer schools and businesses an end to end solution, which creates value by making budgets go further.”
The IRIS Education Division now provides solutions for nearly 11,000 schools, over 60% of UK Academies and 82% of large Multi-Academy Trusts.
Other advisers on the deal were Muckle (Biostore), PWC, Cooleys and Lighthouse Advisory Partners (IRIS).