Member Article

Xero acquires Hubdoc

Xero has recently acquired Hubdoc in a US$70 million deal. Hubdoc was already a respected partner on the Xero marketplace. It captures information from documents, such as bills and statements from suppliers. It then analyses them and passes data to accounting applications such as Xero and QuickBooks.

Acquiring Hubdoc will enable to Xero to bring the document capture and data entry functionality to a wider set of documents. The integration and automation of processes for accountants and small businesses will improve. Xero will be closer to its aim of code free accounting.

Both Hubdoc and Xero are born-in-the-cloud companies with a shared vision for delivering innovative solutions that make it is easier for accountants and small businesses to share data, uncover insights, and plan for the future. Bringing Hubdoc into the Xero family will enable the companies to create even deeper integrations, develop innovative new solutions, and deliver increased value to accountants, bookkeepers and small businesses.

Xero CEO Steve Vamos commented: “The acquisition of Hubdoc enables us to take the next step in delivering a platform that seamlessly connects small businesses with their financial data, and their accountants and bookkeepers. This acquisition accelerates our ability to streamline the collection and classification of the data small businesses and their advisors need in order to focus on driving better business outcomes.”

Hubdoc will continue to operate on a stand-alone basis and will continue to be led by Jamie Shulman and Jamie McDonald. They will report to Keri Gohman, President for Xero Americas.

This was posted in Bdaily's Members' News section by Contributor .