Xero acquires inventory mgmt. provider

Accounting

Cloud accounting software developer Xero Ltd. has acquired inventory management provider Locate Inventory for $19 million.

Xero expects to use Locate’s talent, expertise and inventory-accounting workflows to enhance its inventory management solution, which it plans to launch first in the U.S., and then around the world. Its goal is to help small businesses better track and manage inventory across multiple locations and channels.

“We selected Locate as it has some of the most comprehensive inventory-accounting workflows in the U.S. market,” Xero CEO Steve Vamos said in a statement. “Locate’s talented team has a deep understanding of inventory management and product capability to help us scale our cloud inventory management solution for small business, accountants and bookkeepers. The Locate acquisition supports our strategic priority to grow the small business platform, strengthens our e-commerce offering and supports our growth opportunities in North America and globally as we strive to be the most insightful and trusted platform for small business.”

“We are especially excited for this next stage because we have always seen ourselves and our values reflected by Xero,” said Locate CEO Zack Schiffelbein in a statement. “They’re innovators in their space, forward-thinking, build beautiful products, are customer-driven, and humbly human. Most importantly, Locate’s passion for helping growing companies aligns with Xero’s purpose, to make life better for small businesses, their advisors and communities around the world.”

Of the $19 million deal price, $5 million will take the form of grants of restricted stock units to Locate employees, vesting in three to five years; 20% of the remaining $14 million will be settled in cash, and 80% in shares of Xero.

Products You May Like

Articles You May Like

Meta and Amazon Stock: Buy These Beaten-Down Giants Before Earnings?
Meta Platforms Surges After Earnings
Barcode Scanners for Your Business
Gautam Adani calls off $2.5 billion equity sale as regulatory concerns grow
64% of Americans are living paycheck to paycheck — here’s how to keep your budget in check

Leave a Reply

Your email address will not be published. Required fields are marked *