New Zealand-headquartered accounting software provider Xero has agreed to acquire Planday, a Denmark-based employee collaborative tool developer backed by food retailer Metro Group, for an undisclosed amount.
Founded in 2004, Planday has created technology that helps employees in different work shifts to communicate and collaborate with each other, while human resources and line managers can use the platform to conduct granular reporting and manage payroll.
Xero provides an accounting software product for small and medium-sized enterprises. Planday will become a subsidiary and leverage Xero’s network to expand its activities into new markets, and Xero intends to streamline its workforce management and compliance using the company’s software.
Planday completed a $40.8m series C round in 2018 led by SEB Private Equity, a subsidiary of financial services firm SEB, and backed by returning investors including Creandum and IdInvest Partners.
Metro invested an undisclosed amount in Planday the year before, in the wake of a $14m series B round led by Idinvest Partners in 2016 that included Creandum, SEB Private Equity and Arthur Kosten.
Klaus Nyengaard invested an undisclosed amount in the company 2015 after Creandum had provided $3.8m in series A funding the previous year.
