Wednesday, 24 March 2021 12:16

Xero to acquire e-invoicing company

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Cloud accounting provider Xero says it will acquire Tickstar, a Sweden-based e-invoicing infrastructure business.

The acquisition will provide Xero customers in Australia, New Zealand and Singapore with access to an established e-invoicing network that enables faster and more secure transactions, according to Xero officials.

Xero intends to use Tickstar's Peppol-based technology to improve Xero's e-invoicing functionality. The ATO is the Australian Peppol authority.

The company will continue to offer Tickstar's e-invoicing services under the the Galaxy Gateway brand as well as its consulting services

The purchase price will be up to SEK 150 million (approximately $23 million), subject to performance milestones.

Half the price will be paid in cash, the other half in Xero shares.

The transaction is expected to close in the first quarter of 2022.

"The acquisition of Tickstar is an important step in our strategy to help small businesses digitise more of their workflows and get paid faster using cloud-based technologies," said Xero's chief product officer, Anna Curzon.

"As more governments around the world adopt e-invoicing, Tickstar's technology will help our customers comply with existing and future legislation and realise the many benefits that e-invoicing brings."


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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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