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
Read 835 times
Rate this item
(0 votes)
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.

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline