AccountsIQ has announced the acquisition of ExpenseIn. AccountsIQ will integrate the expense management solution of ExpenseIn into its accounting suite. The ExpenseIn expense management solutions are used in more than 40 countries and process over a million expenses every month.
The platform provides mobile expense management for employees and managers. With features for finance teams that enable them to process expenses faster and more efficiently. Integrations to other solutions include AccountsIQ, AllStar Business Solutions, Sage, Telleroo, TravelPerk and Xero.
The acquisition will see ExpenseIn join the AccountsIQ Group. The firm will continue to trade with its existing brand, giving a level of comfort to its existing customers. Those customers include the Liberal Democrats, Vent-Axia, Corpay and Ascot.
The deeper integration of the ExpenseIn solution will further enhance the AccountsIQ platform extending the expenses capability to include spend card management and embedded payments.
Richard Jones, Managing Director of ExpenseIn, added, “There’s a natural synergy between our companies, as both AccountsIQ and ExpenseIn are passionate about delivering great products and experiences for our customers. We share a joint commitment to provide the office of the CFO with market-leading software and understand the changing requirements of fast-paced modern finance teams and the challenges they face. I look forward to working closely with Darren and the AccountsIQ team as we continue to innovate and scale.”
Extending Financial Capabilities
ExpenseIn is the first acquisition made by AccountsIQ. Following the €60 million in a Series C investment from Axiom Equity in June 2024. The acquisition aligns with the AccountsIQ Vision to extend the capabilities of its accounting platform beyond, but still integrated with the office of finance. Since last June, AccountsIQ has continued to develop its suite. Adding an integration with Syrinx and several other new features to its product. It also appointed Darren Cran as CEO.
This latest acquisition aligns with the AccountsIQ mission that Cran spoke about last year. He said, “Our mission remains clear: to empower finance teams to navigate their digital transformation journey with the latest easy-to-use technology.”
AccountsIQ can now provide the ExpenseIn solution to its user base of 175,000 people. What isn’t clear from this announcement is whether this will be an additional module for customers? Or whether it will be included in one of its existing plans (Essentials, Growth and Enterprise)?
Darren Cran, CEO of AccountsIQ, commented, “Both AccountsIQ and ExpenseIn have a shared vision for innovation and growth, and we’ve had an increasing number of joint customers in recent years. This acquisition bolsters our position as a leading finance management solution for ambitious finance teams in the mid-market, with our combined knowledge and experience allowing us to really understand what our customers need and deliver the technology to match.”
Enterprise Times: What does this mean
There are several unanswered questions from this announcement. With the addition of ExpenseIn, AccountsIQ has pushed the boundary of what its accounting solution does. Those customers using AccountsIQ for finance can extend the capabilities of the finance solution into the organisation.
With ExpenseIn remaining a separate brand will it be able to leverage the expertise of AccountsIQ and build integrations to other accounting solutions such as QuickBooks and Access? Will AccountsIQ look to cross-sell its Accounting platform to ExpenseIn customers?
Also, what is next for AccountsIQ? As it looks to extend the Office of Finance, will it add Payroll, procurement, supplier management or some other finance-related application? Ultimately, is AccountsIQ evolving to something more than just an accounting solution? No terms of the deal were disclosed. However, GetLatka noted, “In 2024, ExpenseIn’s revenue reached $2.9M, up from $2.9M in 2024. The company previously reported $1.5M in 2023 and $808.7K in 2021.” There should still be plenty of money left from the Aciom investment for further acquisitions.
