Xero doubles down on e-invoicing with Tickstar, Invoici acquisitions

New Zealand-headquartered accounting software firm Xero announced it has acquired e-invoicing infrastructure businesses Tickstar and Invoici, which provides SMEs in Singapore the capability to send and receive invoices through the InvoiceNow network.

The financial details of the deal were not disclosed, but the Financial Review pegged the Tickstar transaction to be worth up to US$17.4 million.

Photo credit: Xero

With the acquisitions, Xero aims to drive its cloud accounting capabilities and help Singaporean SMEs streamline their accounting work and get paid through its end-to-end e-invoicing workflow solution.

“Our proprietary workflow, utilizing Tickstar’s infrastructure and Invoici’s app, will help our customers comply with future legislation and realize the many benefits that e-invoicing brings,” said Kevin Fitzgerald, managing director for Asia at Xero.

With e-invoicing, users can generate invoices through the Xero platform and send them directly to their customers’ accounting system. The technology can help reduce administration time and error, as well as the risk of fraud, according to a statement.

Xero said its acquisitions would support Singapore’s nationwide e-invoicing initiative Smart Nation, which was introduced by the Infocomm Media Development Authority (IMDA) to drive economic growth and competitiveness.

Founded in 2006, Xero helps small business owners and their advisors access real-time financial data by offering an ecosystem of over 800 third-party apps and 200 connections to banks and other financial partners. It claims to have over 2.4 million subscribers globally.

The deal comes after Xero acquired workforce management platform Planday earlier this month in a US$220 million deal.