Background

• IRIS is a vendor of business critical accounting, enterprise and practice management solutions to UK accountancy practices and SMEs, with a track record of growth of over 10 years

• Following its acquisition by HgCapital July 2004, IRIS

successfully concluded a recapitalisation process in December 2005, which was run by Close Brothers Corporate Finance, which enabled a cash distribution to HgCapital

• In December 2006, in light of strong performance since the recapitalisation, IRIS appointed Close Brothers Corporate Finance to evaluate the recapitalisation options for the business

Process

• Close Brothers Corporate Finance managed the entire recapitalisation process within a short time period

• Close Brothers Corporate Finance ran a competitive process to secure commitments from new and existing banks for debt based on IRIS’s key funding objectives

• Lenders managed to meet the Company’s aggressive timetable requirements

Gains

• Facilities totalling £145 million satisfied all of the Company’s objectives including a fully committed acquisition facility

• Significant capital repaid to shareholders

• Improvements in key commercial and legal terms of the new debt facilities that improved the Company’s operational flexibility