FinQuery has acquired Innervision from IRIS Software Group, establishing dedicated operations in the United Kingdom and expanding its lease accounting and financial automation capabilities across the UK and European markets. Financial terms of the transaction were not disclosed.
FinQuery has served European and UK companies for nearly a decade, but the Innervision transaction formally establishes FinQuery UK and adds an existing customer base and specialized expertise in FRS 102 lease accounting.
The combination brings Innervision’s regional accounting and compliance capabilities together with FinQuery’s Intelligent Subledger Platform.
FinQuery serves more than 8,700 organizations worldwide and provides software that helps finance teams manage financial obligations and capital assets, including leases, fixed assets, debt, accruals and prepaid expenses.
The company’s platform supports accounting standards including ASC 842, IFRS 16, GASB 87/96 and FRS 102.
For UK customers, the acquisition is designed to expand access to automation and audit-readiness tools while giving existing Innervision customers a pathway to FinQuery’s broader financial accounting platform.
Innervision customers are expected to continue receiving service without interruption following the transaction.
Over time, those customers are expected to gain access to additional FinQuery capabilities extending beyond lease accounting.
FinQuery said its Accountable AI technology is designed to transform complex financial agreements and transactions into controlled accounting workflows while helping organizations accelerate financial closes, improve internal controls and maintain compliance.
The acquisition also gives FinQuery a local operating platform from which it can pursue additional expansion in the UK and Europe.
FinQuery is a portfolio company of TA Associates.
KEY QUOTES:
“The UK is an important growth market for FinQuery, and Innervision gives us something we value enormously: an established customer base.”
Joe Schab, CEO of FinQuery
