USA – Receipt Bank, a London, UK-based digital accounting platform, acquired Xavier, a data quality specialists boosting the range of advisory tools offered to accountants and bookkeepers.
The amount of the deal was not disclosed. The deal, which follows Receipt Bank’s successful $73m January Series C raise, is part of the company’s strategy to provide products for accountants to deliver advice to businesses. Led by Rich Nicolson, CEO, Xavier automates complex checking of financial data with an easily understandable health score. It detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for accountants and bookkeepers. Xavier now becomes part of the Receipt Bank product portfolio. The company plans to expand the joint offer internationally in 2020, with Xavier springboarding into Australia this Autumn, following the launch business insights tool ‘Resilience’. Launched in Bristol with a Xero integration at the end of 2018, Xavier has since become one of the marketplace’s fastest growing new accounting apps, winning Xero’s national Emerging App of the Year award in March 2020. Led by CEO Adrian Blair, Receipt Bank is a large digital accounting software provider used by over 400,000 businesses. Our award-winning digital accounting software is used by over 10,000 accounting firms globally. The company is based in London and has offices in 7 markets with 450 employees, including US, Canada, France, South Africa, Australia and the UK. 15/06/2020
