Receipt Bank acquires Xavier to power accountants with "better advice from better data"

• Xavier adds data quality horsepower to Receipt Bank's leading data accuracy
  
• Product package increases value for 150,000 Receipt Bank clients using Xero
• First acquisition part of strategy to provide advisory tools to accountants, as Xavier launches in Australia

LONDON, June 15, 2020 (GLOBE NEWSWIRE) -- Leading digital accounting platform Receipt Bank has acquired data quality specialists Xavier, boosting the range of advisory tools offered to accountants and bookkeepers.

Xavier automates complex checking of financial data with an easily understandable health score. It detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for accountants and bookkeepers.

The move, which follows Receipt Bank's successful $73m January Series C raise, is part of the company's strategy to provide products that power accountants to deliver advice to make business more successful.

Receipt Bank CEO Adrian Blair commented: "This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on better quality data at every step."

Rich Nicolson, Xavier CEO, added: "Our mission has always been to create accurate data for effective accounting; being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally."

Xavier now becomes part of the Receipt Bank product portfolio. The move consolidates two of the highest rated services in the Xero ecosystem.

Receipt Bank plans to expand the joint offer internationally in 2020, with Xavier springboarding into Australia this Autumn, following the launch business insights tool 'Resilience'.

Receipt Bank saves and sorts data in one place, powering accountants with the tools to help businesses financially plan for the future. Xavier avoids costly data errors, giving accountants assurance and value for small businesses that their finances are in good hands.

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Notes to Editors

About Receipt Bank

Receipt Bank is one of the largest digital accounting software providers, trusted by over 400,000 businesses.

1. Receipt Bank saves and sorts data from business paperwork in one place, giving accountants the tools to help small businesses financially plan their future.
2. Receipt Bank's technology frees up accountants from manual financial data management, giving them more of their client's business trading data in real time, and the tools to help them support best-in-class financial advice.
3. Our award-winning digital accounting software is used by over 10,000 accounting firms globally. The company is based in London and has offices in 7 markets with 450 employees, including US, Canada, France, South Africa, Australia and the UK.
4. Receipt Bank has helped digitise over 250 million pieces of paper, and processes more than 2 million financial documents per week with the highest measured data accuracy rate in the industry.
5. Receipt Bank recently raised $73m in external investment, with its equity funding round being led by Insight Partners.
6. 319,000 UK accounting professionals (Oxford Economics): https://greencloudhosting.co.uk/2019/08/how-many-accountants-are-there-in-the-uk/ (https://greencloudhosting.co.uk/2019/08/how-many-accountants-are-there-in-the-uk/)

About Xavier

1. Xavier automatically detects common errors and bookkeeping mistakes in accounting data, saving both time and money for finance professionals and their clients, preventing costly errors in overpaid tax or duplicate payments.
2. Xavier uses these data alerts and business performance metrics to provide a unique 'health score' that quantifies bookkeeping quality, providing assurance and value for small businesses that their finances are in good hands.
3. Individual business and portfolio-level insights provide accountants with oversight on which clients need attention, so they can act and advise pro-actively to help small businesses thrive.
4. Xavier launched in Bristol with a Xero integration at the end of 2018, and has since become one of the marketplace's fastest growing new accounting apps, winning Xero's national Emerging App of the Year award in March 2020.