### **Overview** IRIS Business Services Ltd (BSE: 540735, NSE: IRIS) is a global, publicly listed **Regulatory Technology (RegTech)** and **Supervisory Technology (SupTech)** company headquartered in Navi Mumbai, India. With over two decades of domain expertise, IRIS specializes in structured data standards such as **XBRL (eXtensible Business Reporting Language)** and **SDMX (Statistical Data and Metadata Exchange)**. The company offers a comprehensive suite of cloud-native, SaaS-based platforms that serve regulators, enterprises, financial institutions, and MSMEs across more than **55 countries**. IRIS is India’s **only publicly traded SaaS company in the RegTech space**, marking a unique position in the market. In late 2025, IRIS is undergoing a strategic transformation, including a proposed rebrand to **IRIS RegTech Solutions Limited**, reflecting its evolved focus on RegTech and SupTech following the divestment of its TaxTech business. --- ### **Strategic Shift: Divestment & Refocus (July–Aug 2025)** In July 2025, IRIS divested its **Tax Technology (GST ASP)** business to **Sovos Compliance Limited** for **₹151.24 crores**, transferring ownership via its subsidiary **IRIS Logix**. This strategic divestment: - Allows IRIS to **focus exclusively on high-growth, scalable international segments**: SupTech and RegTech. - Results in a strengthened balance sheet with **INR 170 crores in cash and investments** as of March 2025. - Increases **net worth from INR 76 crores to INR 189 crores**. - Raises **book value per share from INR 37 to INR 92**, enhancing shareholder value. - Provides **non-dilutive capital** to fund product innovation, sales expansion, and ARR (Annual Recurring Revenue) growth. --- ### **Business Segments & Verticals** IRIS structures its operations into **three core verticals**, post-TaxTech exit: | **Vertical** | **Key Products** | **Target Clients** | **Business Model** | |-------------|------------------|--------------------|---------------------| | **SupTech** | IRIS iFile®, iFile Instant, Deposit Insurance System | Central banks, securities commissions, business registries (e.g., Qatar Central Bank, South Africa Reserve Bank) | Licensing, implementation, AMC; shifting to SaaS | | **RegTech** | IRIS CARBON®, IRIS iDeal® | Enterprises, banks, CFOs, financial institutions (e.g., Eni, BMW) | SaaS, ARR-focused | | **DataTech** | IRIS Peridot®, IRIS Credixo | MSMEs, lenders, fintechs | Pre-revenue, data-as-a-service (DaaS) roadmap | - **IRIS iFile** is a comprehensive SupTech platform supporting data collection, validation, analytics, and dissemination. It powers over **30 global regulators**, including RBI, ACRA (Singapore), and BSE. - **IRIS CARBON®** is the flagship **SaaS disclosure management platform**, enabling enterprises to manage **financial, ESG, and compliance reporting** on a unified system. It integrates with Microsoft 365 and is certified by XBRL International. - **IRIS Peridot®** is an **all-in-one digital platform for MSMEs** offering GST verification, invoicing, access to credit, and financial inclusion tools. It is currently in **pre-revenue phase**, with commercial rollout planned within six months. - **IRIS iDeal®** automates high-volume regulatory reporting for BFSI institutions, dominant in India and expanding globally. --- ### **Product & Technology Innovation** #### **AI & Automation Integration** - Launched **IRIS Instant** – an **AI-powered XBRL preparation tool** that auto-extracts data from documents for rapid filing. Piloted in Malaysia, now being scaled globally. - AI embedded in: - **Litigation Management (GST)**: Automated tax notice reading and response drafting. - **Form auto-filling for regulators** via SupTech platform. - **Internal software development**: Automated test generation. - Dedicated **AI team established** to accelerate cross-product AI integration. #### **Platform Enhancements** - **IRIS CARBON®:** - Integrated with **Board International** for end-to-end financial close to regulatory submission. - Supports **ESG, SEC, FERC, ESEF, ACFR, CIPC, and CSRD**. - Features real-time collaboration, version control, role-based access, and built-in validations. - Ranked **#1 in XBRL quality for 20 consecutive quarters**; G2 Research ranked it #2 for “Ease of Use.” - **IRIS iFile®:** - Upgraded with **modular, non-XBRL capabilities**, faster deployment, and risk-based analytics. - Deployed at PFRDA (India), South African Reserve Bank, and Qatar Central Bank. - **IRIS Peridot®:** - Enhanced with **invoicing, MSME TV (information channel), and API-driven lender access**. --- ### **Commercial & Strategic Initiatives** #### **Revenue Model Shift** - Prioritizing **Annual Recurring Revenue (ARR)** as a key KPI. - Transitioning **iDeal and iFile** to **subscription/SaaS models** to increase revenue visibility. - In FY25, **ARR grew from ₹47 crore to ₹61.8 crore**, with **~60% of revenue recurring**. #### **Go-to-Market Strategy (FY26)** - **Enhancing platforms**, **expanding customer base**, and **penetrating global markets**. - **Sales-led growth model**: Increased investments in **sales, marketing, and channel partnerships**. - Strategic alliances with **consulting firms, auditors, and tech partners** (e.g., HCL, Mphasis, ADD d.o.o.). - “**Land and Expand**” approach: Cross-sell modules (e.g., ESG, disclosure management) to existing clients. - Targeting **2–3 new SupTech mandates** in FY26. #### **International Expansion** - **US and Europe**: Scaling IRIS CARBON® in SEC, FERC, and ESEF markets. - **Africa**: Strong presence and further RFPs in pipeline. - **Middle East**: New mandates in Qatar. - **Asia-Pacific**: Malaysia eInvoicing success; plans for UAE and Singapore. --- ### **ESG & Sustainability Leadership** - **IRIS CARBON®** supports **ESG reporting under global frameworks** (CSRD, ISSB, ASRS, GRI). - Developed **MVP for ESG sustainability reporting**, with commercialization discussions underway. - Contributed to **GRI’s ESG XBRL taxonomy development**—widely recognized. - Platform helps clients mitigate **greenwashing risks** via audit trails, validations, and standardized tagging. --- ### **Financial & Operational Highlights (as of Nov 2025)** - **Employees**: Over 500 domain and tech professionals; ~8% headcount growth in H1 FY26. - **Geographic Revenue Mix**: - Africa: ~35% (driven by SupTech). - US & Europe: Strong ARR growth in RegTech. - India: Stable, legacy GST business now exited. - **Customer Base**: - Over **6,000 enterprises** served. - **30+ regulators** using iFile globally. - Marquee clients: **Eni, BMW, Dangote, Colruyt, L&T, Reliance**. - **Product Adoption**: - **IRIS Peridot** app: **1.5 million downloads**, 500K+ active users. - **IRIS CARBON®**: Used to file first ESG iXBRL with Gap Inc.; hosts IRIS’s own annual report. --- ### **Leadership & Governance** - **Founders**: Swaminathan Subramaniam, Balachandran Krishnan, Deepta Rangarajan – over 60 collective years in financial data and compliance. - **Public Listing**: Listed on BSE and NSE (since 2021). - **Subsidiaries**: IRIS Business Services (Asia) Pte. Ltd., IRIS LLC (USA), Atanou S.r.l. (Italy), IRIS Logix (divested). - **Awards & Recognition**: - Best Tax Technology Solution Provider (TIOL, 2022). - APPEALIE SaaS Software Award (Mid-market). - Ranked 2nd in “Ease of Use” (G2), Top in XBRL quality (XBR Logic).