Adrian Johnson
TLDR:
Xero Limited is acquiring Syft Analytics, a global cloud-based reporting, insights, and analytics platform for accountants, bookkeepers, and small businesses. The acquisition will enhance Xero’s analytics and reporting offerings for customers worldwide. The total consideration for the purchase is up to $70 million, with completion expected in Q3 of Xero’s FY25.
Key Elements:
- Xero is acquiring Syft Analytics, a cloud-based reporting platform.
- The acquisition will enhance Xero’s analytics and reporting offerings for customers globally.
- The total consideration for the purchase is up to $70 million, with completion expected in Q3 of Xero’s FY25.
Xero Limited announced the acquisition of Syft Analytics, a global cloud-based reporting, insights, and analytics platform. This acquisition will allow Xero to provide customers in Australia, the UK, the U.S., and other markets with more advanced analytics and reporting capabilities. The acquisition, totaling up to $70 million, is expected to be completed in Q3 of Xero’s FY25. Additionally, over 70 employees from Syft will transition to Xero as part of the acquisition.
Xero CEO Sukhinder Singh Cassidy mentioned that the acquisition of Syft will further empower small businesses and their advisors by offering deeper insights to make informed decisions. The functionality of Syft will be integrated within Xero over time, providing customers with powerful analytics, reporting, and benchmarking capabilities.
The acquisition of Syft aligns with Xero’s strategy to create winning customer solutions and strengthen their accounting offerings. Syft’s software is used by accountants and small businesses in over 80 countries, with a focus on financial review, analysis, and forecasting. Post-acquisition, Xero plans to continue offering Syft as a standalone product while integrating its functionality into the Xero platform.
