Canon Europe has taken a 17% state in Belgian OCR/ICR/IDR and systems integration specialist I.R.I.S. In Feb., Canon announced it would reselling I.R.I.S. capture software products in Europe and this seems to be the next step in that relationship. Canon paid $31 million for its stake, which values I.R.I.S. at around $184 million, approximately a 40% premium over its market cap and about 1.2 times revenue. Remember, however, that the majority of I.R.I.S. revenue is from systems integration and not software.