Rix Group Modernizes Portfolio: Sells Accountabl to Done.ai
Deal News | Apr 21, 2025 | B Daily
Rix Group, a Hull-based organization, has sold its expenses management software company, Accountabl, to the Swedish AI-focused fintech firm Done.ai. The transaction includes a cash advance and a shareholding in Done.ai for Rix Group. The deal aligns with Rix Group’s strategy to streamline its operations towards its core sectors of property, leisure, and energy. Done.ai, known for integrating AI with Enterprise Resource Planning (ERP) solutions, plans to expand Accountabl's functionalities through advanced automation and AI capabilities. While Accountabl will continue its operations in the UK, Done.ai aims to extend its market reach to Nordic regions. This acquisition is strategic for Done.ai as it seeks to strengthen its AI and ERP integration platform, enhancing scalability and efficiency. Both businesses view the transaction as mutually beneficial, enabling innovation and growth.
Sectors
- Financial Technology
- Software and AI
Geography
- United Kingdom – Accountabl is a UK-based company, and the transaction involves the continuation of its operations within the UK.
- Sweden – Done.ai, the acquiring company, is headquartered in Sweden, marking its geographic relevance.
- Nordic Regions – The article mentions Done.ai's intention to expand Accountabl's reach into Nordic markets.
Industry
- Financial Technology – The article involves Done.ai, a fintech company known for integrating AI into ERP solutions, highlighting its role in innovating the fintech space.
- Software and AI – Accountabl, a software company with its expertise in expense management, is transitioning to leverage AI under the new ownership of Done.ai, emphasizing the software and AI sector.
Financials
- Undisclosed – The deal involves a cash component and shareholding in Done.ai, but specific financial terms were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Rix Group | Selling Company | Company | A Hull-based company divesting its software entity, Accountabl. |
| Accountabl | Target Company | Company | A UK-based expenses management software company being acquired. |
| Done.ai | Bidding Company | Company | A Swedish AI-focused fintech company acquiring Accountabl. |
| Harry Rix | Director of Rix Group and Founder of Accountabl | Person | Responsible for overseeing the divestment and maintaining a strategic relationship post-sale. |
| Staffan Herbst | Chief Executive of Done.ai | Person | Leads the strategic integration and future roadmap of Accountabl under Done.ai. |