Xendoo has taken over Infinite, the core technology built by Botkeeper for certified public accountant (CPA) and other accounting practices.
The platform will remain operational under the new ownership. Xendoo said that it will continue to support Infinite to ensure the technology keeps advancing in support of the accounting profession.
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It said: “This step reflects our commitment to preserving important innovation and ensuring continuity for the firms and professionals who rely on this platform.”
The company added that the transition will not impact the current users and that their access to Infinite will remain active.
“Our first priority is connecting with you to provide the assistance needed to ensure your continued success,” Xendoo said to Botkeeper Infinite users.
It further noted: “At Xendoo, our approach remains unchanged for our core product to small business owners. We continue to combine dedicated accounting professionals with advanced technology to deliver reliable, human-centred financial support.”
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By GlobalDataThe acquisition follows Botkeeper’s announcement last month that it would wind down operations.
Botkeeper CEO Enrico Palmerino attributed the decision to a “perfect storm” of macroeconomic headwinds and consolidation in the accounting technology market.
Palmerino said: “The speed and scale of these changes altered our financial outlook in a matter of weeks, ultimately leaving us without a sustainable path forward and requiring us to begin an orderly wind-down of the business.”
The company was launched in 2015 and raised nearly $90m in venture funding, including a $42m Series C round in November 2021, led by Grand Oaks Capital.
