Xero, Syft to Enhance Reporting and Insights
Xero plans to embed Syftʼs functionality within Xero over time, providing customers with more powerful analytics and reporting, and benchmarking capabilities.
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Xero Limited announced it is acquiring Syft Analytics (Syft), a global cloud-based reporting, insights and analytics platform for accountants, bookkeepers and small businesses.
The acquisition will accelerate Xeroʼs insights, advanced reporting and analytics offerings for customers in Australia, the UK, the US and its other markets globally. Xero plans to embed Syftʼs functionality within Xero over time, providing customers with more powerful analytics and reporting, and benchmarking capabilities.
Headquartered in Johannesburg, South Africa, Syftʼs software is used by accountants and small businesses in over 80 countries, the majority of whom are in Xeroʼs largest markets. Customers use Syft to review, analyse and forecast financial outcomes — a useful capability in any economic environment. Examples of the reporting dashboards possible with Syftʼs advanced analytics capabilities are included below.
Xero CEO Sukhinder Singh Cassidy said, “Xero has always focused on reimagining how accounting software can empower small businesses by providing insights to help them and their advisors run their business better. Syft accelerates this further by offering deeper insights to help both small businesses and accounting and bookkeeping partners to make informed decisions. Todayʼs announcement supports our strategy to create winning customer solutions by strengthening our accounting offering – one of the three most critical small business jobs.”
Syftʼs more than 70 employees, the majority of whom are based in South Africa, will transition to Xero as part of the acquisition. Syft is an existing, top Xero app partner in the Xero App Store. Xero plans that Syft will continue to be available as a standalone offering post-acquisition.
