Xero, the global small business platform, has announced the strategic acquisitions of Tickstar, an e-invoicing infrastructure business that allows organisations such as Xero and its customers to connect to the global e-invoicing network and Invoici, an app purchased from the Pan-European Public Procurement OnLine (PEPPOL) access point Storecove, that provides SMEs in Singapore the capability to send and receive invoices through the InvoiceNow network.
The acquisitions are a testament to Xero’s commitment to drive cloud accounting around the world and help Singaporean SMEs streamline their accounting work and get paid faster through Singapore’s first end-to-end e-invoicing workflow solution.
As part of the Smart Nation initiative to transform Singapore through technology, e-invoicing (now known as InvoiceNow) represents the next integration of digital services and e-payments to drive economic growth, innovation and competitiveness. With e-invoicing, users can generate invoices through the Xero platform and send them directly to their customers’ accounting system—reducing administration time and error, as well as the risk of fraud. It also makes it easy for governments and businesses to pay invoices faster, by automating the process and eliminating the need for manual data entry.
“As a trailblazer of digital transformation, Singapore once again leads the way with the roll out of e-invoicing in the APAC region. InvoiceNow is a crucial step forward for Singapore’s SMEs on their digitalisation journey. Through Xero’s latest acquisitions, it is our intent to support the Singapore government’s vision for Smart Nation through InvoiceNow and make it easy and seamless for SMEs to harness digital technology and stay competitive,” said Kevin Fitzgerald, Managing Director Asia, Xero.
“The acquisition of Tickstar is an important step in our strategy to help small businesses digitise more of their workflows and get paid faster using cloud-based technologies. Our proprietary workflow, utilising Tickstar’s infrastructure and Invoici’s app will help our customers comply with future legislation and realise the many benefits that e-invoicing brings,” added Fitzgerald.
Singapore’s nationwide e-invoicing framework introduced by the IMDA, is an extension of the international PEPPOL network and part of the digital infrastructure identified as a critical enabler to provide a nationwide foundation to develop and proliferate digital services in Singapore’s Digital Economy Framework for Action.