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.
