Xero has signed a deal to buy Tickstar, an e-invoicing infrastructure business that allows businesses like Xero to connect to a global e-invoicing network. This is the latest in a string of acquisitions for the accounting software company, the most recent being that of
The deal will cost approximately $17.3 million (SEK $150 million — Tickstar is based in Stockholm, Sweden), and is expected to close before March 31, 2022 — the end of Xero’s fiscal year.
Xero is making it a priority to drive the adoption of cloud accounting, globally, and this buy is a part of that mission. Tickstar’s technology provides Xero customers in Australia, New Zealand and Singapore with access to an e-invoicing network designed to enable faster and more secure transactions.
Xero will also use Tickstar’s technology to support Xero’s e-invoicing functionality. The accounting software company plans to 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.
“The acquisition of Tickstar is an important step in our strategy to help small businesses digitize more of their workflows and get paid faster using cloud-based technologies,” said Xero’s chief product officer, Anna Curzon. “As more governments around the world adopt e-invoicing, Tickstar’s technology will help our customers comply with existing and future legislation and realize the many benefits that e-invoicing brings.”
