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- Release Date: 20/07/12 18:34
- Summary: ASSET: XRO: Xero acquires Spotlight Workpapers
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XRO
20/07/2012 16:34
ASSET
REL: 1634 HRS Xero Limited
ASSET: XRO: Xero acquires Spotlight Workpapers
MARKET RELEASE
Xero acquires Spotlight Workpapers
20 July 2012
Xero online accounting software (XRO) has acquired Wellington-based software
developer Spotlight Workpapers Limited, substantially strengthening its
practice solution for Accountants and Bookkeepers.
The company's software has been developed over the past 12 months to work
specifically with Xero. It enables year-end compliance to be streamlined
through avoiding paper processes and use of spreadsheets.
"The acquisition of Spotlight Workpapers continues our strategy of providing
a compelling platform for Accountants and bookkeepers," says Xero CEO Rod
Drury. "We've been very impressed with the feedback the Workpapers team have
received. We've had clear signals from our Accounting partners that we should
add Workpapers to our stable."
Today's acquisition follows the purchase earlier this year of Practice
Management provider Max Solutions. These additions enable Xero to provide a
suite of online solutions that accountants can use to run their practice in
the cloud, without the need for in-house server equipment. Globally Xero has
over 4300 accounting partners.
Spotlight Workpapers is in beta use by over 100 accounting and bookkeeping
partners. Xero will continue to build out the functionality and scalability
of the software and release it under the Xero brand in March 2013 for the
Australian and New Zealand markets.
Xero purchased Spotlight Workpapers from Richard and Julie Francis, who will
continue to be involved in product development and operation of the software.
The acquisition price of $800,000 is made up of a combination of cash and
shares, with a component of the price payable in March 2013.
"We're thrilled that Spotlight Workpapers has been acquired by Xero, allowing
us to collaborate on delivering a world-class, online compliance solution to
the market. Our team looks forward to building on the great response that
Spotlight Workpapers has already received, with the knowledge that the
experience and resources available at Xero will make Spotlight Workpapers
even more compelling as a core modern practice application," says Spotlight
Workpapers Executive Director Richard Francis.
"Xero is providing freedom for Accountants; freedom from expensive and often
convoluted IT solutions," says Drury. "These acquisitions further strengthen
Xero's hand in the accounting software market, particularly against incumbent
suppliers."
ENDS
For more information contact:
Rod Drury
Xero CEO
[email protected]
+64 27 6000 007
Ross Jenkins
Xero CFO
[email protected]
+64 21 963 909
End CA:00225144 For:XRO Type:ASSET Time:2012-07-20 16:34:25
