Xero makes Swedish acquisition

Xero makes Swedish acquisition

Xero has acquired a Sweden-based e-invoicing technology provider for around $23 million.

Tickstar is an e-invoicing infrastructure business that allows organisations such as Xero and its customers connect to a global e-invoicing network.

Xero said the acquisition aligns with its strategic priority to drive the adoption of cloud accounting around the world.

Xero said Tickstar’s technology will provide Australian, New Zealand and Singapore customers with access to a well-established e-invoicing network that will enable faster and more secure transactions.

Following the acquisition, Xero will leverage Tickstar’s technology to support its e-invoicing functionality.

Xero said it will also support the continued delivery of Tickstar’s e-invoicing infrastructure services through the Galaxy Gateway brand to both its existing and new customers, alongside its consulting services.

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Source: Xero makes Swedish acquisition | Financial Standard