Our Take:
- Xero is expanding its analytics capabilities with the acquisition of Syft Analytics.
- Syft provides financial reporting and analytics tools for small businesses, advisors, and accountants.
- Xero’s remains committed to supporting other analytics providers on its open platform
Xero has announced plans to acquire Syft Analytics, aa leading global cloud-based reporting, insights and analytics platform for small businesses, accountants and bookkeepers. The acquisition aligns with Xero’s strategy to enhance its data analytics capabilities for small businesses and accountants, further integrating financial reporting directly within the Xero platform. This deal will allow Xero users to gain better insights into their financial data without relying on external software.
Syft, currently available through the Xero App Store, is a popular choice among Xero customers for its custom reporting and visualization features. It’s the most used reporting app on the platform and has won several Xero Awards this year across multiple countries.
Xero’s acquisition of Syft aims to enhance its advanced reporting and analytics offerings with features like benchmarking, long-term cash flow forecasting, and multi-entity reporting. While Xero is focused on delivering premium insights directly to its customers, it remains committed to supporting other analytics providers on its open platform, ensuring users have the flexibility to choose the best tools for their needs. This acquisition aligns with Xero’s values and vision to empower small businesses and their advisors with better decision-making tools.
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