Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Digital accounting platform Receipt Bank has announced the acquisition of data quality specialists Xavier.
The move will reportedly “boost” the range of advisory tools offered to accountants and bookkeepers who use the platform.
Xavier automates the complex checking of financial data with an “easily understandable health score”, while detecting errors and anomalies within complex business data in accounting software.
Receipt Bank, a platform that “saves and sorts data in one place”, successfully raised $73m (£58m) in a January Series C raise earlier this year.
Its latest acquisition forms part of its continued strategy to provide products that “power accountants to deliver advice to make business more successful”.
Following the move, Receipt Bank is looking to expand the joint offer internationally, with Xavier launching in Australia later this year.
Adrian Blair, Receipt Bank CEO, said: “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 robust data.”
Rich Nicolson, Xavier CEO, 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.”
