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.