Xero plans to acquire Syft Analytics, which makes reporting, insights and analytics tools for accountants, bookkeepers and small businesses. Xero will make an upfront payment of $40 million, including $10 million in Xero shares.
Syft’s functionality will be embedded in Xero over time and will be used to accelerate the company’s reporting and analytics offerings in Australia, the United Kingdom, the United States and its other markets. It will continue to be offered as a stand-along product.
Syft, headquartered in Johannesburg, S.A., employees 70 individuals who will join Xero.
The deal is expected to be completed in the quarter ending December 31, Xero’s third quarter. Syft can earn another $30 million based on its performance.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
