Atlanta-based accounting automation solutions provider FinQuery has acquired lease accounting compliance platform Innervision from IRIS Software Group, establishing a dedicated operation in the United Kingdom—FinQuery UK.
Financial terms of the deal weren’t disclosed. As a result of the transaction, FinQuery adds Innervision’s team, customers, and FRS 102 and IFRS 16 expertise.
FinQuery has provided services to U.K. and European companies’ finance teams for nearly a decade.
In a note to Innervision customers, IRIS said Innervision will benefit from being part of a business with deep expertise in lease accounting and lease management, giving it the dedicated focus and investment it needs for the future.
“FinQuery’s portfolio of products is closely aligned with Innervision, making it a strong new home for the platform as lease accounting requirements continue to evolve,” IRIS said. “We want to make it clear that nothing changes for you today, and there’s nothing you need to do. You’ll continue to log in the same way, to the same platform, with the same support and billing arrangements. Your contract remains valid and there is nothing for you to sign.”
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Serving more than 8,700 customers globally, including a rapidly growing FRS 102 and IFRS 16 U.K. customer base, FinQuery offerings help companies manage and understand what they lease, own, and owe, creating controlled, audit-ready accounting across lease accounting, fixed assets, debt management, accruals, and prepaid expense automation.
“The U.K. is an important growth market for FinQuery, and Innervision gives us something we value enormously: an established customer base, deep local expertise, and a team that understands the accounting needs of U.K. organizations,” FinQuery CEO Joe Schab said in a statement on Sept. 8. “By bringing Innervision into FinQuery, we can combine that expertise with the scale, product investment, and broader capabilities of the FinQuery platform. Our goal is straightforward: give U.K. accounting and finance teams a better way to manage complex accounting today and a platform that can grow with them well beyond lease accounting.”
By combining Innervision’s specialized U.K. compliance capabilities with FinQuery’s Intelligent Subledger platform, customers gain an end-to-end accounting solution, officials say.
“Accounting and finance teams can guarantee total FRS 102 audit readiness, powered by FinQuery’s proprietary Accountable AI, continuous product investment, and built-in automation,” FinQuery said in a media release.
IRIS acquired Innervision in September 2019.
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