Xero Acquires South African Syft Analytics

Xero has announced the acquisition of Syft, reportedly for USD 70 M. Syft is a prominent app partner within the Xero App Store, recognized for its advanced custom reporting and visualization capabilities. It is the most widely used reporting and insights application in the Xero ecosystem and has received multiple Xero Awards across several countries this year.

Established in 2016 and headquartered in South Africa, Syft Analytics offers data analytics software that enables businesses and accountants to interpret financial data effectively. The platform claims to serve over 50,000 businesses across more than 50 countries and generate thousands of reports, dashboards, and actionable insights monthly.

After the acquisition, Syft will remain a standalone solution for small businesses, accountants, and bookkeepers, independent of their accounting software provider.