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August 1, 2018

Xero Limited Acquires Hubdoc for USD $70 Million

Xero Limited (ASX: XRO), a New Zealand-based software company trading on the ASX, which offers a cloud-based accounting software platform to 1.4 million subscribers in more than 180 countries, has acquired Toronto-based Hubdoc Inc. for USD70 million, in a mix of cash and equity. Hubdoc is a data capture solution that helps accountants, bookkeepers, and small businesses streamline administrative tasks such as financial document collection and data entry.

Wildeboer Dellelce LLP acted for Round 13 Capital Inc., BDC Capital Inc. and Hyde Park Venture Partners, each of which were investors of Hubdoc, in connection with the transaction with a team that consisted of Perry Dellelce and Michael Rennie.