Rix Group Sells Accountabl to Swedish FinTech Done.ai
Deal News | Apr 14, 2025 | Business Cloud
The Rix Group, a family-owned business in Hull, has sold its expenses management platform, Accountabl, to Swedish FinTech firm Done.ai, which is listed on the Nasdaq First North Stock Exchange. The deal includes a cash component and a shareholding in Done.ai for the Rix Group. The divestment decision was driven by Rix Group's desire to focus on its core activities and was influenced by the UK Labour government's recent policy changes. Done.ai plans to enhance Accountabl with advanced AI-driven features and expand its distribution, both in the UK and the Nordic region.
Sectors
- Financial Technology (FinTech)
- Corporate Finance
- Employment and Regulation
Geography
- United Kingdom – The location of the Rix Group and its former platform, Accountabl, which was developed in Hull.
- Sweden – The location of acquiring company Done.ai, which is listed on the Nasdaq First North Stock Exchange.
Industry
- Financial Technology (FinTech) – The acquisition involves Done.ai, a FinTech firm, highlighting advancements in AI-driven financial software solutions.
- Corporate Finance – The transaction is a divestment by The Rix Group, focusing on strategic refocusing and resource allocation to core activities.
- Employment and Regulation – Changes in employment law and government policies influenced The Rix Group's decision to divest its interests in Accountabl.
Financials
- Undisclosed – The deal involves a cash sum and Rix Group obtaining a shareholding in Done.ai; however, specific financial terms remain undisclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Rix Group | Seller | Company | A family-owned business focusing on property, leisure, and energy, headquartered in Hull, UK. |
| Accountabl | Target Company | Company | An expenses management platform developed by the Rix Group. |
| Done.ai | Buyer | Company | A Swedish FinTech firm known for its ERP distribution and AI-focused software innovations. |
| UK Labour Government | Regulator | Government | Its policy changes have been cited as a driving factor in the decision to sell Accountabl. |
| Harry Rix | Director | Person | Director of the Rix Group and founder of Accountabl, involved in the divestment decision. |
| Staffan Herbst | CEO | Person | CEO of Done.ai, overseeing the acquisition and future strategy for Accountabl. |