Expenses management firm Accountabl has been acquired by Swedish fintech Done.ai in a deal valued at 9m Swedish Krona (£703,136).
The Two Humber Quays-based tech firm has been sold by the Rix Group in a deal which involves the historic Hull company taking a shareholding in the Nasdaq First North Stock Exchange-listed business which has a portfolio of AI-driven tools and software. Rix said the decision to divest was made in order to focus on its key areas of property, leisure and energy.
It also talked of the recent increase in employer National Insurance contributions, amendments to Business Property Relief rules and heightened employment law regulates, as reasons for the move. The Rix Group will continue to support the running of Accountabl over the next six months.
Harry Rix, director of the Rix Group and founder of Accountabl, said: “This is a very exciting development for Accountabl. Done.ai, previously 24SevenOffice, is known for its distribution to ERP providers its AI-first approach to building cutting-edge software solutions. The company already has comprehensive plans to enhance and expand the platform with advanced automation capabilities to drive efficiencies and improved functionality.
“We believe this transition will enable Accountabl to thrive under the leadership of Done.ai, as the company has the expertise and focus to ensure it realises its full potential.”
Mr Rix added by taking a shareholding in Done.ai, the Rix Group has access to cutting-edge innovation and technical expertise. He added: "We see this partnership as a positive step for both parties. Our ongoing relationship with Done.ai will allow us to benefit from their expertise in AI while continuing to focus on our primary industries.”
Done.ai says it will continue to operate Accountabl in the Ƶ, but also focus on growing its distribution in the Nordic region. It says the global spend management software market is currently worth about $21bn and is project to grow 11.8% annually, reaching $57bn by 2032.
Staffan Herbst, CEO of Done.ai, said: "Accountabl has built an impressive foundation, and we see significant potential to take it further. Our focus is on combining cutting-edge AI with deep ERP integration to create smarter, more scalable tools that genuinely support our customers’ evolving financial operations.
“We look forward to building on what’s already working and innovating in the areas that matter most."
