Rix Group sells expenses management software to Swedish AI specialist
Hull-based Rix Group has offloaded its expenses management platform, Accountabl, to Swedish firm, Done.ai, in a deal valued at 9m Swedish Krona (£700,000).
Done.ai, which is listed on the Nasdaq First North Stock Exchange in Sweden, has acquired the business in deal which involves a cash sum as well as the Rix Group taking a shareholding in company.
Rix Group said it has decided to divest the business, which has an annual revenue of around £300,000, to focus on its core commercial activities of property, leisure, and energy.
The company also cited the Labour government’s recent increase in NI rates, amendments to Business Property Relief (BPR) rules, and heightened employment law regulations for the move, as these pose significant challenges for family-owned businesses.
Harry Rix, director of the Rix Group and founder of Accountabl, described the sale as a positive move for customers and for the future of the platform.
Rix said: “This is a very exciting development for Accountabl. Done.ai, previously 24SevenOffice, is known for its AI-first approach to building cutting-edge software solutions.
“The company already has comprehensive plans to enhance and expand the platform with advanced automation capabilities to drive efficiencies and improved functionality.
“We believe this transition will enable Accountabl to thrive under the leadership of Done.ai, as the company has the expertise and focus to ensure it realises its full potential.”
Rix added by taking a shareholding in Done.ai, the Rix Group has access to cutting-edge innovation and technical expertise that will drive value for the wider business.
Done.ai will continue to operate Accountabl in the UK but also focus on distribution within the Nordic region through existing in-country partnerships.
Staffan Herbst, CEO of Done.ai, said: “Accountabl has built an impressive foundation, and we see significant potential to take it further. Our focus is on combining cutting-edge AI with deep ERP integration to create smarter, more scalable tools that genuinely support our customers’ evolving financial operations.”
