IRIS Business Services today announced that it will partner EOH, South Africa's biggest information services company to offer its iXBRL filing software to enterprises in South Africa.

In a statement released here today, the company CEO, S Swaminathan announced that the cloud based product, IRIS Carbon will help South African companies comply with a mandate of the Companies & Intellectual Property Commission (CIPC) which becomes effective from July 2018. Under the mandate, some 100000 South African companies have to submit their Annual Financial Statements in a reporting standard called iXBRL.

"We are extremely pleased to be working with IRIS on this very important project which is going to have an extremely positive impact for businesses in South Africa. EOH as the largest Information Services Company in Africa, intends to expand the IRISsuite of products into the rest of Africa," says Vivian Pather, Head of Information Services of EOH.

It may be pointed out that the technology for CIPCto receive such data is also being provided by IRIS in partnership with EOH. "Just as we are ClPe's trusted partner for XBRL, we hope that we emerge as the trusted compliance partner for all of South Africa," Swaminathan added.

Shares of the company gained Rs 1.85, or 3.36%, to trade at Rs 56.90. The total volume of shares traded was 4,000 at the BSE (10.38 a.m., Tuesday).