Xero Bolsters Customer Insights With $70 Million Acquisition of Syft
By Stuart Condie
SYDNEY--Xero agreed to pay up to $70 million for South Africa-based Syft Analytics in a deal that the cloud-accounting software provider said will improve its insights and advanced reporting capabilities.
Australia-listed Xero on Tuesday said it will pay $40 million up front, including $10 million in stock. The remainder will be paid out over three years in earnouts and restricted stock.
Customers in more than 80 countries use Syft to review, analyze and forecast financial outcomes. Xero said it would embed the functionality in its eponymous accounting platform over time, but still planned to offer Syft as a standalone product.
Xero expects to close the transaction in the December quarter.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
September 16, 2024 18:56 ET (22:56 GMT)
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