Accounts platform Receipt Bank acquires Xavier
Posted on June 19, 2020 by Alistair Hardaker
London-based digital account platform Receipt Bank has acquired data quality specialist Xavier.
Launched in 2018, Xavier is an integration for account software Xero which detects errors and anomalies in complex business data within accounting software.
The details of the deal were not disclosed.
Xavier will launch in Australia this year, with plans to expand the joint offer internationally in 2020.
Digital accounting software provider Receipt Bank’s platform is used by over 10,000 accounting firms globally.
The company has 450 employees spread across offices in the US, Canada, France, South Africa, Australia and the UK.
The deal follows Receipt Bank’s $73m raise in January, and is the latest move in the company’s strategy to provide products for accountants to deliver advice to businesses.
“This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on better-quality data at every step,” said Receipt Bank chief executive Adrian Blair.
Xavier chief executive Rich Nicolson added: “Our mission has always been to create accurate data for effective accounting. Being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally.”