BIG NEWS!🚀 Xero Acquires Syft Analytics in a Thrilling 8-figure Deal

Xero, the global leader in accounting software, has just announced its acquisition of South Africa’s very own Syft Analytics in a deal worth up to $70 million! 🌍💡

This marks a major milestone for both companies and a huge win for the South African tech ecosystem.

🎉 Founded in Johannesburg in 2016 by Eleftherios Kyriazis, CFA, Matt Stephanou, CFA, and Vangelis Kyriazis, Syft started as a bootstrapped business providing financial analytics to small businesses. Fast forward to today, Syft Analytics has thousands of customers in over 80 countries and is the most widely used reporting app on Xero’s marketplace.

This acquisition, expected to finalize in early 2025, will supercharge Xero’s reporting and insights capabilities, giving small businesses and accountants even more powerful tools for data-driven decision-making. Syft’s software helps users generate custom reports, visualizations, and long-term cash flow forecasts, integrating data from platforms like Stripe, Shopify, and Square.

While Syft will continue as a standalone product, the integration with Xero will expand the reach of this cloud-based analytics platform across key markets like the US, UK, and Australia.

Xero CEO Sukhinder Singh Cassidy highlighted that Syft’s expertise will help “empower small businesses globally” with enhanced insights and real-time analysis.

This acquisition is not just a huge leap for Syft but also a testament to the growing success of African startups making waves globally. 🚀🌍

Exciting times ahead for Syft Analytics, Xero, and the broader South African tech community!