Jamie McDonald, Hubdoc Xero is acquiring Hubdoc, which makes document collection and management software, for $70 million in cash and stock. Hubdoc, based in Toronto, Ont., will operate as a stand-alone unit, New Zealand-based Xero said this week.

Hubdoc’s products will continue to be sold to non-Xero customers, but greater integration will be developed between Xero and Hubdoc applications. The purchase amount will be transferred in two tranches. In the first tranche, the cloud accounting software company will pay $60 million, 35 percent cash and 65 percent stock, based on a trading average for the five days ended July 31. The other $10-million payment will be made within 18 months and will be based on a five-day trading average at the time stock is issued, with the transaction  expected to be completed by September. Co-founders,co-CEOs Jamie McDonald and Jamie Shulman will continue to lead Hubdoc.

Last modified on Friday, 03 August 2018
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