Receipt Bank acquires data quality specialist Xavier

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Receipt Bank has acquired Xavier, which provides data quality evaluation, to boost the range of advisory tools it offers accountants.

Terms of the deal were not disclosed.

Xavier automates the checking of financial data and gives a readable “health score.” The software detects errors and anomalies in complex business data within accounting software, aimed at reducing the frequency and cost of fixing them for accountants and bookkeepers.

The acquisition follows Receipt Bank’s $73 million round of Series C financing that closed in January.

Xavier is now a part of the Receipt Bank product portfolio. Receipt Bank plans to expand the joint offer internationally in 2020, with Xavier springboarding into Australia this fall, following the launch of its new business insights tool dubbed Resilience.

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

“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,” added Rich Nicolson, Xavier CEO, also in a statement.

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