Xero (ASX:XRO) set to acquire Planday for $284.5 million

Company News

by Melissa Darmawan

Accounting software provider Xero (ASX:XRO) is set to acquire workforce management platform, Planday, for $284.5 million.

Planday is a cloud based platform headquartered in Denmark, which will integrate with Xero for staffing needs and payroll costs that can be accessed on a mobile app.

Following the acquisition, Planday will expand into other markets where Xero operates.

It’s due to complete in March 2022 with hopes it will contribute to Xero’s revenue by three per cent for that financial year.
 
Shares in Xero (ASX:XRO) are trading 3.11 per cent lower at $115.30.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.