Shaw & Co advises on sale of UK business producing award-winning software for accountants

July 3, 2024

Bristol-based corporate finance advisory firm Shaw & Co has worked with the shareholders of a firm behind popular software used by accountants on its acquisition by a leading tax, accounting, finance and payroll software company.

MyWorkpapers launched in 2009 as a flagship auditing application but has since evolved into a full suite of specialised workpaper packs for all types of work carried out by accountancy firms. 

Its award-winning software is designed to improve work efficiency and collaboration while ensuring compliance and workflow production.

MyWorkpapers, which has offices in the Milton Keynes and Australia, has been acquired by Bright, a tax, accounting, finance and payroll software company headquartered in Ireland.

Since forming in 2021, Bright has established a suite of industry-leading software solutions for accountants, bookkeepers, small and medium-sized businesses and payroll bureaus across the UK and Ireland.

The deal means the firms will now work towards creating a more integrated suite of accounting software able to deliver a full service to their clients in a highly efficient and compliant manner. 

Shaw & Co CEO and founder Jim Shaw, pictured, said it had been an extremely important deal for the sector and the perfect outcome for all stakeholders.

“The combination and further integration of Bright and MyWorkpapers will quickly benefit all users by enhancing their digital workflow platform,” he added.

MyWorkpapers chief executive officer Rich Neal said: “Shaw & Co have been extremely supportive in our acquisition by Bright and have helped us to deliver a deal that looks set to offer a wide range of benefits to our mutual clients and the wider accountancy market.

“By joining forces with Bright we are expanding and enhancing our integrated, cloud-native accounting solution to cater to all types of engagements.

“This new partnership strengthens our core capabilities, significantly enhancing the daily operations of accounting firms in the UK and Ireland.

“We believe that this synergy will offer our customers a broader selection of software solutions – empowering them to deliver enhanced value to their own clients.”

Shaw & Co has completed a number of sales in the software sector recently, including invoice-to-cash software experts Data Interconnect to US-based Blackline, GoProposal to global software business Sage, Senta to Iris Software, and The Safeguarding Company to TES (Times Educational Supplement).

The firm, founded by Jim Shaw 12 years ago, has since become a key player in the merger and acquisition market, helping the owners of small and medium-sized firms across the UK to buy, sell or fund the growth of their businesses.

As well as its Bristol HQ, it also has bases in Birmingham, London, Manchester and Glasgow.

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