Xero to acquire Syft to enhance reporting and insights capability
We know how important it is for small businesses to have access to powerful insights to help them run their business better, no matter the economic environment they’re facing.
To accelerate our mission to provide powerful insights, we are thrilled to share that Xero is acquiring Syft, a leading global cloud-based reporting, insights and analytics platform for small businesses, accountants and bookkeepers.
Today, Syft is available through the Xero App Store as an app partner. And we know that many Xero customers know and love Syft for its beautiful custom reporting and visualisation features. Syft is the most used reporting and insights app in the Xero App Store and has been awarded several accolades this year, picking up Xero Awards across multiple countries.
Following the acquisition, we plan that Syft will continue to be available as a standalone offering to small businesses and their accountants and bookkeepers – no matter who their accounting software provider is.
How does this benefit Xero customers in the future?
We’ve always been focused on reimagining how accounting software can empower small businesses, as well as their accounting and bookkeeping partners, by providing insights to help them to run their business better. Syft supercharges our ability to serve customers in this way.
There is strong alignment between Xero and Syft, and we couldn’t be more excited to work together to accelerate our joint goals. Current customers love Syft for its custom reporting, visualisations, benchmarking, live analysis views with drill down, ability to consolidate across financial data sources, budgeting and forecasting, reporting automation and data quality assurance.
Syft also provides insights by aggregating data from other software that small businesses and accountants and bookkeepers use – whether that’s accounting software, Excel, or partners such as Stripe, Square, Shopify and Gusto. These are all things we believe will bring greater value to the Xero experience and support small businesses and their advisors to have a deeper understanding of their business to make informed decisions.
We’ll also work to embed Syft’s functionality within Xero over time, to provide powerful visualisations, analytics and reporting capabilities for new and existing customers.
We look forward to bringing this exciting vision to life by strengthening our insights, advanced reporting and analytics offerings through capabilities such as benchmarking, long term cash flow forecasting and multi-entity reporting. Our goal is to bring the power of premium insights and advanced reporting functionality to our customers so they can reap the value for their business.
Our commitment to our open ecosystem
We know our customers have different needs and that there may be other solutions that suit customers needs better and so we will continue to support other insights and analytics providers on our platform just as we have done before. This is what our open platform is all about – providing our customers choice so they can use the software that best meets their specific needs.
The acquisition of Syft aligns with our values and open ecosystem principles. We couldn’t be more excited to welcome the Syft team to Xero so we can continue to empower small businesses and their advisors customers with the tools they need to make informed business decisions.
Diya
Xero’s acquisition of Syft is expected to close in Q3 of Xero’s FY25 (Oct – Dec 2024).
The post Xero to acquire Syft to enhance reporting and insights capability appeared first on Xero Blog.
Source: Xero Blog
