Tech news: Accounting tech space sees major deals

Tax solutions provider Vertex announced its acquisition of Germany-based e-invoicing software specialist Ecosio. The terms of the acquisition include an upfront cash payment of $69 million as well as a targeted earn-out of $76 million in cash and $35 million of Vertex shares. The terms are based on Ecosio achieving certain financial performance targets over the next three years, subject to adjustments pursuant to the terms of the purchase agreement. Vertex will utilize cash on hand to fund the upfront cash payment. See our story for more details. 

Also, Top 25 firm  Cherry Bekaert announced that it has acquired accounting software and cloud services company Kerr Consulting, the 57th largest value added reseller in 2024. Kerr Consulting is a top North American Sage partner and represents the entire suite of Sage products, with an emphasis on industry verticals such as construction, manufacturing, distribution, healthcare and family offices. With this move, Cherry Bekaert has become one of the largest Sage providers in the US. See our story for more details. 

Finally, B2B payments software provider Flywire has acquired Invoiced, a SaaS platform for automating the order-to-cash process  by managing invoices, communicating with payers, and reconciling payments to their enterprise resource planning systems. Invoiced does this through deep integrations with leading accounting systems and ERPs, including Oracle's NetSuite, Sage Intacct and Microsoft Business Dynamics. Flywire expects Invoiced to add approximately $2 million in revenue with software-like gross margins in FY 2024. While Invoiced has healthy adjusted EBITDA margins, Flywire expects to reinvest the majority of the margin dollars this year to grow the combined business. The combination of Invoiced's AR automation software with Flywire's proprietary global payment network — which supports diverse payment methods in more than 140 currencies across 240 countries and territories around the world — is expected to provide the B2B payments industry with a combined full-suite software and payments solution that streamlines workflows for finance departments.

Digital asset solutions provider Bitwave released its new Data Fusion tool, built for financial data management for digital assets. The tool allows the ability to combine internal sources (like Snowflake) with third-party pricing engines, external data warehouses, and more. Then users can create custom processing actions (like aggregations, exclusions and inclusions) and automatically sync it all to Bitwave for financial reporting and analysis. The software first aggregates data sources from every corner, across internal ledgers, external warehouses, databases, exchanges and more. Then, it processes the data into a clean, usable format that can be further enriched with custom touches, like internal order IDs, pricing data, or pre-tagged transaction info. Finally, users can then integrate their processed data right into Bitwave, and set up automatic syncing on an hourly, daily or weekly basis for complete financial reporting and analysis. 

Fractional sales tax solution provider TaxValet has achieved B Corp certification. As a B Corp, it's now part of a global community of businesses that meet high social and environmental impact standards. TaxValet scored 91 on the B Impact Assessment, surpassing the required score of 80. This score is based on five impact areas: governance, workers, environment, community and customers. TaxValet particularly excelled in the Workers category — which measures commitment to employees' financial security, health and safety, wellness, career development, and engagement — with a score of 36.5. TaxValet also highlighted its Governance score, which measures ethical practices and transparency, of 18.2, at least partially due to its "Mission Locked" status that integrates its social and environmental commitments into the corporate structure.