XU Biweekly The independent news source for Xero users, by Xero users
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Monday 19 April 2021 | No. 3
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Europe’s leading software investor Hg acquires major shareholding in Dext
HIS INVESTMENT FOLLOWS A RECORD-BEATING FINANCIAL QUARTER FOR DEXT, WHICH RECENTLY PASSED 1 MILLION USERS.
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EVOLUT LAUNCHES EUROPE’S FIRST GLOW-IN-THE-DARK CARD IN PARTNERSHIP WITH ANTHONY JOSHUA TO RAISE VITAL FUNDS TO SAVE INDEPENDENT BOXING GYMS ACROSS THE UK. Revolut is donating a minimum of £50,000 to grass roots boxing. For each card ordered, Revolut will donate £1.00 to support federated boxing clubs in England and Scotland, with a minimum £50,000 donation being promised by Revolut. Sports charity, ukactive, estimates that 400 gym and leisure facilities have already closed with a further 2,400 at risk since the start of the Covid-19 pandemic.
Monday 19 April 2021 ISSN 2054-7234
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Revolut partners with Anthony Joshua to support local gyms in the UK
Revolut, the UK’s fastest growing fintech company, today announced a partnership with 2x Heavyweight Champion of the World, Anthony Joshua, to raise vital funding for independent gyms across the United Kingdom. Facilities such as gyms and leisure centres were not included in the UK Government’s Sport Winter Survival Package that was announced late last year, and sports charity uk active has estimated that 400 facilities have closed their doors permanently since the beginning of the pandemic and another 2,400 gyms are at risk. To help raise vital funds for struggling independent
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gyms across the UK, Revolut has partnered with Anthony Joshua to launch a new glow-in-the-dark debit card. For every limited edition Anthony Joshua card ordered by a UK customer, Revolut will donate £1.00 to struggling independent boxing gyms across the UK (with Revolut committing a minimum of £50k in total). The donation will be made to gyms which are members of Boxing England and Scotland Boxing. These gyms will have their own unique referral code, and will receive £1 for every card purchased using that code. The gym who refers the most will also receive an additional £10k. The exclusive card has
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a smooth minimalist design and includes Anthony Joshua’s motto, 258, which reflects the boxer’s dedication to his sport and his commitment to work beyond 24/7. The card is black and white during the daylight and transforms to a striking green and black in the dark. The world heavyweight champion spent much of last year campaigning for community and social justice causes, including the Black Lives Matter movement, and supporting local leisure facilities and aspiring boxers.
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Leading software investor Hg has made a significant investment in digital accounting platform Dext, becoming a major shareholder. The investment, on the heels of Dext passing 1 million users, signals a vote of confidence in the company's multiproduct strategy and growth. Dext CEO Adrian Blair commented: “Hg are in many ways the best possible shareholder for Dext, given their unrivalled expertise in the accounting world. Hg’s track record in growing businesses like ours will help us go further and faster in our mission to make accountants and bookkeepers productive, profitable and powerful.”
Hg joins the Dext Board following the transaction. Insight Partners remain a substantial shareholder, alongside founders Alexis Prenn and Michael Wood. Blair adds: “It’s been an exciting journey to 1 million users and reflects our continuing strong growth. I’m excited about the future growth that Hg’s involvement will bring. Our users will continue to see the same features and service they love, with new products on the horizon soon.” Dext recently expanded the reach of data clean-up toolkit Precision (formerly Xavier) globally to QBO as well as Xero users. Dext Connect - a solution bringing the speed and accuracy of Dext to desktop accounting software - was also launched alongside Dext Prepare (formerly Receipt Bank).
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Emersion have launched in the USA
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MERSION HAS LAUNCHED IN THE US, OPENING UP THE POWERFUL AUTOMATION FUNCTIONALITY OF EMERSION TO THE WORLD’S LARGEST ADDRESSABLE MARKET. According to Emersion CEO Paul Dundas: “Emersion enables our clients to focus on growing their business. Our value proposition is simple: we integrate your systems so that you can focus on your customers. Importantly, our platform has been purposefully designed to scale rapidly, which enables us to continue our overseas expansion, targeting key growth markets like the US.” The global managed services market that Emersion operates in is expected to grow by nearly 50% between 2020 and 2025 to
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US$329b. Importantly, the North American market is many times the size of the Australia-New Zealand market, highlighting the enormous growth opportunity that this US launch presents for Novatti. Further, the US accounts payable automation market is also expected to grow more than 110% between 2019 and 2025, to US$4b. “Emersion’s launch in the US comes ahead of significant growth forecast for its key market segments in the coming years,” Novatti CEO Peter Cook said in the ASX press release. “This presents a great opportunity for Novatti, with Emersion’s full SaaS platform expected to deliver high-margin, recurring revenues with each new client.”
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