Receipt Bank has purchased Xavier Analytics, a portfolio company of SETsquared Bristol.
Xavier Analytics, a UK-based accounting software developer that was supported by multi-university enterprise partnership SETsquared, has been acquired by digital accounting platform Receipt Bank for an undisclosed amount.
Xavier Analytics has developed tools to clean up accounting data, facilitate bookkeeping and ensure compliance by automatically identifying miscodings, tracking liabilities and detecting unwanted changes to historical data.
The company was formed by accounting agency FD Works in partnership with web development agency Hatch Apps and joined SETsquared Bristol shortly after emerging from stealth in 2018.
SETsquared Bristol is the University of Bristol’s branch of incubator network SETsquared, which supports spinouts and spin-ins.
Xavier does not appear to have disclosed equity financing. Going forward, Receipt Bank will look to integrate Xavier’s offering into its own and drive international expansion efforts, beginning with Australia in autumn.
Rich Nicolson, chief executive of Xavier, said: “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.”
