Accounting service Xero (ASX: XRO) announced today that it has acquired Toronto-based document management startup Hubdoc, for $70 million USD, in a mix of cash and equity. The 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.
Hyde Park Venture Partners invested in Hubdoc in February 2017. We’re excited about this opportunity for Hubdoc to join Xero, a global online platform for small businesses and their advisors.
With Hubdoc, thousands of accountants, bookkeepers, and small businesses spend less time chasing down documents and more time growing their business. Headquartered in Toronto, Hubdoc will continue to operate on a stand-alone basis, but customers can expected a deeper, more powerful integration with Xero in the future.
Huge congrats to co-founders & co-CEOs Jamie McDonald and Jamie Shulman, and the entire Hubdoc team on this great outcome. We wish them the best as they enter this exciting next chapter for Hubdoc and Xero. HPVP Principal Greg Barnes found and directed the investment, so we offer a sincere congratulations to him as well.
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