Xero invests in tax lodgement company
Xero has made what it calls a small investment in Max Solutions, the developer of online job costing software, WorkflowMax.
Max Solutions was formed in 2007 by business partners Gavin George and Chris Spence, with the primary aim of building a job management solution that’s delivered over the web.
Xero will invest $200,000 for a 15.9% stake in Max Solutions to help it fund the development of a tax lodgement system.
In 2008 WorkflowMax was released and today is used by hundreds of businesses, says Xero.
The tax lodgement system is part of Xero’s aim to bring together a suite of ‘best of breed’ solutions for accounting practices.
Xero CEO Rod Drury says Xero didn’t develop the tax lodgement system itself because its functionality is specific to New Zealand. "We’ve decided Xero would be better to focus its resources on its international markets and make this investment in Max Solutions so it can grow its team in New Zealand.”