Bristol private equity firm advises on software acquisition

Bristol-based Shaw & Co has provided financial advisory services to shareholders of MyWorkpapers, a digital workpaper solution for accountants and auditors, following its acquisition by accounting software company Bright.

With offices in the UK and Australia, MyWorkpapers originally launched in 2009 as a flagship audit application and has grown into a complete range of specialist workpaper packages for all types of engagements undertaken by accounting firms.

Their award-winning software is designed to improve workflow and productivity while ensuring regulatory compliance and streamlining workflow.

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

The transaction will combine the technological capabilities of both brands, which will work to create a more integrated accounting software suite that can provide clients with a comprehensive service in a highly efficient and compliant manner.

Jim Shaw, Chairman and Founder of Shaw & Co, said: “This is a hugely significant deal for the sector and an excellent outcome for all stakeholders.

“The combination and further integration of Bright and MyWorkpapers will quickly deliver benefits to all users by enhancing their digital workflow platform.”

Shaw & Co. has completed a number of transactions in the software sector, including the sale of Data Interconnect, an expert in instant invoice processing software, to US-based Blackline; the sale of GoProposal to global software company Sage; the sale of Senta to Iris Software; and the sale of The Safeguarding Company to TES (Times Educational Supplement).

Rich Neal, CEO of MyWorkpapers, said: “Shaw & Co provided us with outstanding support during the acquisition by Bright and helped us complete a transaction that will clearly deliver significant benefits to our mutual clients and the wider accounting market.

“By joining forces with Bright, we are expanding and enhancing our integrated, cloud-native accounting solution to meet all types of engagements. This new partnership strengthens our core capabilities, significantly streamlining the day-to-day operations of accounting firms across the UK and Ireland.

“We believe this synergy will provide our customers with a broader choice of software solutions – enabling them to deliver greater value to their own customers.”