Duane Jackson got kicked out of school at 15 and, five years later, was arrested in Atlanta, Georgia, for trafficking 6,500 ecstasy tablets, served two years in prison in the UK.
“On his release, he found it hard to get a job because of this black hole on my CV,” So he launched the startup, called KashFlow. Now with revenues at around £2 million he has sold the company to the IRIS Software Group.
In acquiring KashFlow, the cloud-based bookkeeping software developer, IRIS Software Group will extend its position as a leading cloud software and services provider for the UK’s 4.8 million SMEs, and 30,000 accountancy firms.
With a joint subscriber base of more than 60,000 accountancy firms and SMEs across the UK, the combined business leads the market in supplying cloud-based accountancy, payroll and bookkeeping solutions to SMEs and accountants. Terms of the transaction were not disclosed.
KashFlow is one of the UK’s most exciting and fastest-growing technology companies. Founded in 2006 by Duane Jackson, the award-winning company has pioneered the development and delivery of cloud-based bookkeeping software-as-a-service (SaaS) and is widely seen as a UK sector leader.
Phill Robinson, Chief Executive Officer of IRIS Software Group, said: “I am thrilled to announce that the KashFlow team will become part of the wider IRIS Software Group, since there is so much we can achieve together for the millions of SMEs who wrestle every day with their payroll, bookkeeping and accountancy needs. KashFlow’s superb cloud services are the perfect fit with our existing suite of products and I am confident that this will enable IRIS to strengthen its leading position in cloud software for UK SMEs and accountancy firms.”
Duane Jackson, Founder and CEO of KashFlow added: “IRIS clearly understand the importance of the cloud and the benefits it can bring to small business owners.
Being part of the wider IRIS Software Group not only gives us direct access to a significant section of the UK accountancy and SME sector but it also makes us part of a wider suite of cloud offerings.
This will help us deliver on our vision of further automating and simplifying the process of running a small business, enabling entrepreneurs to cut through the red tape and get on with doing what they do best: winning clients and growing their businesses.
Around half of all UK accountancy firms already use IRIS to run their business, now they will be able to collaborate with their clients through tight integration with the KashFlow cloud bookkeeping system.”
Lord Young of Graffham, KashFlow’s Chairman and a founder investor in the business, added: “I am really pleased for Duane and his team. When I backed the business seven years ago I could see they were offering something truly revolutionary to small businesses. By combining with IRIS they can now take their products to the wider world, with all the marketing and technical support the larger business can bring.”