Equiom is pleased to announce that it has acquired Canada’s leading cloud accounting firm, Xen Accounting. Xen Accounting was founded in 2013 and offers cloud-based accounting, payroll and tax compliance services via the Xero ecosystem.The acquisition marks Equiom’s first Canadian deal and entry into the cloud services arena.
Xen Accounting is one of only four Xero platinum partners in Canada. It uses the platform to provide automated and paperless online accounting services to primarily tech and service businesses. Xen Accounting clients are able to tap into a team of professional accountants across the country and benefit from Xero’s cloud-accounting software and its related cloud-accounting ecosystem. By employing automated bank feeds, artificial intelligence and machine learning, Xero and its ecosystem reduces, and in some cases, eliminates, manual accounting processes.
Equiom's Global CEO Sheila Dean commented:
‘This is a very exciting acquisition for Equiom. Having recently begun servicing private clients through South Dakota, it gives us a much broader capacity to support clients in North America. Furthermore, the addition of Xen Accounting will give a unique boost to our already strong payroll, accounting and tax service offering. Advancing technology has already enabled us to have a better conversation with our clients, engaging more often and actively. Equiom will leverage Xen Accounting’s experience with a view to adopting their model of next generation accounting solutions. This will ultimately allow us to focus on adding value through timely reporting, analytics and forecasting, rounding out a proficient virtual service. A big thank you to the acquisition team for making this a reality and to Gowling WLG for their support.’
CEO of Xen Accounting, Ryan Lazanis added:
‘Businesses in the digital age need modern accountants that not only understand accounting and tax, but technology as well. Since 2013, we have prided ourselves on setting the trend with regard to offering our customers a truly easy, automated and pain-free accounting experience by pairing up professional accountants with the latest cloud-accounting apps, all for a fixed monthly price. As we have grown, so have our clients and it’s now important to shift things up a gear to take our cloud-accounting services to a global stage by becoming part of Equiom, a firm that truly gets our model and what we are setting out to achieve. By being able to leverage Equiom’s global footprint and expertise across a wide range of sectors and regions, we will be able to support our valued clients with an enhanced service throughout their growth. I fully expect that this is just the beginning of some exciting things to come.’
Following integration with Equiom, Xen Accounting’s team, who are based throughout Canada, will continue providing accounting services remotely to its clients.