Iris expands to take in FreeAgent online

IRIS, the UK's largest privately owned software firm, has bought a minority stake in Edinburgh-based coding house FreeAgent Central for an undisclosed sum.

The pair have also signed a partnership agreement under which Iris will sell FreeAgent's online accounting software to accountancy practices. Iris already controls 50 per cent of the UK accountancy market.

Ed Molyneux, FreeAgent Central's managing director, said: "This is an important milestone for FreeAgent Central and our strategic partnership aims to deliver a number of software-as-a-service (SAAS) products to the mainstream accounting software market."

Under the deal, Phill Robinson, managing director of accounting practice solutions at Iris, will join FreeAgent Central's board. Robinson was formerly with SAAS pioneer Salesforce.com.