On July 31, 2018, Xero announced that it will acquire Hubdoc Inc., (“Hubdoc”) for US$70 million in a combination of cash and equity.
The acquisition will continue to have Hubdoc operating independently, while allowing both companies to focus on co-marketing and bundling opportunities.
Hubdoc is a Toronto-based start up company that automatically collects financial data from over 700 services, including telecom providers, utilities, banks and online providers.
Xero is a New Zealand-based online accounting firm with more than 1.4 million subscribers across 180 countries. This is the largest acquisition undertaken by Xero.
Osler, Hoskin and Harcourt LLP represented Hubdoc with a team consisting of Chad Bayne, David Jamieson, Simon Leith, Andrew Irwin, Alana McElhinney, Horatiu Porime (M&A), Allison Di Cesare (Employment & Labour), and Colena Der and Corinne Grigoriu (Tax).