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Xero Acquires Hubdoc: Business Has Never Been So Beautiful

July 31, 2018

Xero Takes Another Step Towards Code-Free Accounting by Acquiring Leading Data Capture Solution

SAN FRANCISCO, July 31, 2018 (GLOBE NEWSWIRE) -- Xero (ASX: XRO) has acquired Hubdoc, a leading data capture solution that helps accountants, bookkeepers, and small businesses streamline administrative tasks such as financial document collection and data entry. This acquisition moves Xero even closer to achieving its vision for code-free accounting, enabling accountants to focus their efforts on helping small businesses make sense of their financial data, as opposed to collecting it.

Helping Accountants and Bookkeepers Work More Efficiently

With Hubdoc and Xero, the most time consuming tasks are streamlined, helping accountants and bookkeepers save time and run their practices more efficiently. The existing integration between Hubdoc and Xero delivers:

-- Streamlined data capture:Hubdoc complements Xero’s “financial web” strategy by auto-fetching financial documents from over 700 utilities, telecom providers, banks and online vendors, extracting the key financial data and source documentation and then seamlessly syncing the data into Xero. -- Real-time financial data: Xero can automatically match data imported from Hubdoc with bank feed transactions, so that advisors and their clients have an always up-to-date set of books, and can make more informed, timely business decisions. -- Organized and verified data: Hubdoc provides accountants and their clients with confidence that their financial documents are organized, secure, and always available. All data is “verified” with the source document, stored and easily searchable on any device.

“Bringing Hubdoc into the Xero family will enable us to take the next step in delivering a platform that seamlessly connects small businesses with their financial data and their accountants and bookkeepers,” said Keri Gohman, President for Xero Americas. “This is all about accelerating our ability to streamline the collection and classification of that data so that small businesses and their advisors can answer the big questions, and find lasting success.”

Xero + Hubdoc: Shared Vision and Values

Hubdoc and Xero have built a strong relationship since integrating in 2014. Hubdoc is now a leading application on the Xero app marketplace, winner of the 2016 Xero App Partner of the Year award, winner of the very first Xero Partnership Impact award in 2017, and a Xero HQ integrated partner.

Both Hubdoc and Xero are born-in-the-cloud companies with a shared vision for delivering innovative solutions that make it is easier for accountants and small businesses to share data, uncover insights, and plan for the future. Bringing Hubdoc into the Xero family will enable the companies to create even deeper integrations, develop innovative new solutions, and deliver increased value to accountants, bookkeepers and small businesses.

“Over the past four years, Hubdoc has built an industry-changing product, a passionate following of customer advocates and a reputation for authentic, human service,” said Jamie Shulman, Hubdoc’s co-founder and co-CEO. “What is exciting about this transaction is the opportunity to deeply partner with Xero to rewire the global small business economy.”

“Like Xero, we believe that the underlying foundation of any great company is deep customer and employee focus. Our two north stars at Hubdoc are to create amazing customer experiences that people tell their friends about and amazing professional experiences that employees take with them throughout their careers,” said Jamie McDonald, co-founder and co-CEO of Hubdoc. “Xero shares those north stars wholeheartedly, and we can’t wait to join them on this journey.”

Hubdoc will continue to operate on a stand-alone basis. Customers can expect a deeper, more powerful integration between Xero and Hubdoc in the future. Hubdoc will continue to be led by Jamie Shulman and Jamie McDonald. They will report to Keri Gohman, President for Xero Americas.

About Hubdoc Hubdoc is a cloud bookkeeping solution that helps small businesses and their advisors spend less time chasing financial documents and more time growing their business. With Hubdoc, documents and their data are automatically fetched from hundreds of financial institutions and suppliers, and seamlessly synced to cloud accounting software, such as Xero. Headquartered in Toronto, with 100 employees, Hubdoc is proud to support thousands of accountants, bookkeepers, and the small businesses they serve in North America, Australia, and the United Kingdom.

About Xero Xero is a beautiful, easy-to-use global online platform for small businesses and their advisors. The company has 1.4 million subscribers in more than 180 countries. Xero seamlessly integrates with more than 700 apps. It was ranked No. 1 by Forbes as the World’s Most Innovative Growth Company for two years running, won Technology Provider of the Year for the British Small Business Awards, and was rated by Canstar Blue as Australia’s best accounting software three consecutive years from 2015-2017.

Contact Steve Sharpe, Xero Americas uspress@xero.com

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