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Vendor News

Industry developments from the global payroll vendor and research community.

IRIS Software Group Acquires AccountantsWorld

IRIS Software Group (IRIS), a global software provider of accountancy solutions headquartered in the U.K., announced the acquisition of AccountantsWorld, a provider in cloud solutions for accountants in North America.

The AccountantsWorld acquisition, according to the company, is a strategic step in IRIS’ mission to revolutionize the professional accounting market in North America, and one that IRIS hopes will consolidate leading technology, capability, and deep sector knowledge. This will enable accountants to address the challenge of growing and supporting North American businesses.

IRIS plans to continue supercharging its presence in North America, combining the power of its recent acquisitions with its existing CPA offerings, which include Star Practice Management, Innervision, FMP, PSI, Senta, and Practice Engine, as well as future acquisitions and product developments.

“We are excited to welcome AccountantsWorld into the IRIS family as we continue to expand our North American presence to empower accounting firms to manage and grow their practices more efficiently and become better advisors to their clients,” said Elona Mortimer-Zhika, CEO of IRIS Software Group.

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PayFit Raises €254M to Continue Transforming HR Technology

PayFit, a payroll and HR management solution for small and medium-sized enterprises (SMEs), announced it has raised €254M in a Series E funding round, a record-breaking amount for a French human resources (HR) startup, according to the company. PayFit plans to use the funds to recruit additional top talent, accelerate the development of new products, and increase its market share across Europe.

PayFit has successfully expanded into three additional major European markets—Germany, Spain, and the United Kingdom—with plans to scale from more than 700 current employees to more than 1,000 within the next 12 months.

“As we look ahead, we plan to use these new funds to deepen our presence in our existing markets, where we have significant growth potential,” said Firmin Zocchetto, CEO and Co-Founder of PayFit. “At PayFit, we are proud to have built a company with strong foundations, where people are happy to work and that can have a real impact on our clients. This Series E funding will allow us to maintain the rapid growth we have achieved since our founding.”

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Accenture Helps Tokio Marine Kiln Transform With Workday

Accenture, a global professional services company, has collaborated with Tokio Marine Kiln (TMK), an international insurer, to transform its finance and human resources (HR) functions in the U.K. and Singapore by digitizing and consolidating multiple systems onto Workday.

Previously, TMK’s HR, payroll, finance, and procurement functions were split across multiple systems, with heavy reliance on manual input. With Workday Financial Management and Workday Human Capital Management (HCM), TMK’s employees are now able to complete, record, and track transactions and business processes with greater speed, accuracy, and ease, freeing them up to spend more time on business-critical functions, according to the company.

“TMK is driving an exciting strategy of system and process change to deliver a new target operating model, of which Workday is a key element,” said Nick Hutton-Penman, TMK’s Deputy CEO. “TMK selected Accenture to ensure strong delivery across our London and Singapore offices, whilst drawing on Accenture’s London market experience.”

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