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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Bob Scott

Bob Scott has been informing and entertaining the mid-market financial software community with his email newsletters for 10 years. And he has been covering this market through print publications for 18 years, first as technology editor of Accounting Today and then as the Editor of Accounting Technology from 1997 through 2009. He has covered the traditional tax and accounting profession during the same time and continues to address that as executive editor of the Progressive Accountant.

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