IRIS Software Group Announces Strategic Investment in AI Powered Tax Management Platform, Instead

NEW YORK, May 20, 2025 /CNW/ -- IRIS Software Group (IRIS), a leading global provider of accountancy, HR, and payroll software, has made a minority investment in Instead, an AI-powered tax platform helping accountants automate tax preparation and shift their focus from compliance to strategic advisory. By streamlining routine tasks and providing the tools to deliver deeper insights, Instead frees up time for firms to offer higher-value services. This significant minority investment marks a major step in IRIS's commitment to transforming the business of accountancy through intelligent automation, while also enabling Instead to accelerate product development and expand its sales and marketing capabilities.

"Our investment in Instead marks an important step in supporting meaningful innovation in the market, for the benefit of US customers" said Jim Dunham, President and General Manager of IRIS Americas. "It positions IRIS at the forefront of innovation and underscores our mission to serve the accountancy market. Instead represents the first true disruption in individual and corporate tax since 1993, and this partnership accelerates the delivery of smarter, more accessible solutions for firms across the profession. It's a game changer."

Instead's platform analyzes tax returns, implements savings strategies, and facilitates the filing of both federal and state tax returns. Powered by agentic and generative AI, the platform aims to automate over 90% of the tax preparation process. In a major industry milestone, Instead became the first new platform in decades to earn IRS approval to e-file individual and business tax forms, including 1040, 1041, 1120, 1120S, and 1065. The company is now rapidly expanding its reach, actively securing authorization across all U.S. states and major U.S. cities to offer truly nationwide filing.

"This investment from IRIS enables us to accelerate our mission - bringing AI-powered tax preparation and planning to the mainstream," said Andrew Argue, CEO of Instead. "We're proud to be leading the way in transforming tax work for firms, simplifying compliance, boosting accuracy, and freeing professionals to focus on higher-value advisory."

As part of the agreement, IRIS and Instead will work closely to foster innovation, exchange insights, and apply AI-driven solutions to real customer challenges. By combining deep domain expertise and complementary capabilities, the partnership creates a powerful foundation to accelerate product development, challenge conventional thinking, and drive advancement across the tax and accounting ecosystem.

About IRIS Americas 

IRIS Americas, part of IRIS Software Group, works with thousands of CPA firms including 58 of the top 100 CPA firms and 91 of the top 250 CPA firms in the U.S. Its payroll and HCM solutions serve more than 150,000 small to medium sized businesses (SMBs) and processes $18 billion in payroll payments annually for more than 1.1 million North American employees every month. Over the past decade, IRIS Americas has acquired 13 North American-based brands including: Swipeclock, IRIS Star Practice Management, IRIS FMP, IRIS Innervision, IRIS Practice Engine, Doc.It, PSI Payroll, AccountantsWorld, MyPay, Conarc, Cavu, SourceOne, and Payroll Data Processing.

About IRIS Software Group

Founded in 1978, IRIS Software Group is a global provider of mission critical, cloud-hosted software solutions and services to more than 100,000 customers across 135 countries. IRIS is a trusted partner to businesses, finance, HR and payroll teams, educational organizations, and accountancy firms of all sizes, providing innovative operational solutions that streamline complex processes, maintain compliance, and unlock growth. Through simplifying, automating and providing insights on everyday mission critical tasks for organizations of all shapes and sizes, IRIS ensures customers can look forward with certainty and confidence. IRIS is certified as a 2024 Great Place to Work® in the UK, Ireland, India, Romania, Canada and the USA. Follow IRIS on Facebook, Twitter, Instagram and LinkedIn. More information on its award-winning software solutions can be found here.

About Instead

Launched in June 2023, Instead (www.instead.com) is revolutionizing tax management as the first company in decades to receive IRS and state approvals to file individual, business, trust and estate returns. The platform uses AI to analyze tax returns, identify missed opportunities, and implement tax-saving strategies with supporting documentation. Starting at $16/month, Instead helps individuals, businesses, and tax professionals save tens to hundreds of thousands on taxes through intelligent tax analysis rather than last-minute filing.

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SOURCE IRIS Software Group

Media contact: IRIS Software Group, Jennifer Peters | Associate Director, PR and Communications, [email protected] ; Instead, Olivia Rodi | Manager of Marketing, [email protected]