Leading cloud accounting software provider FreshBooks has reportedly announced the acquisition of FastBill, one of the leading invoicing and cloud accounting software solutions in Germany. Don Epperson, the Chief Executive Officer of FreshBooks commented on the company’s delight about the acquisition of FastBill and the way it reinforces the company’s global expansion plans.
He added that the acquisition, paired with the leadership of FreshBooks in simplifying and streamlining workflows for owners across the globe, will place FreshBooks to better serve as many consumers as possible.
Currently, FastBill supports paying consumers across 16 different countries in Europe. Together, FastBill and FreshBooks will untap new platform abilities and expand into regions where the market of small businesses is booming substantially.
René Maudrich, the Founder and the Chief Executive Officer of FastBill, has stated that the acquisition by FreshBooks is a win-win situation for all entities involved. Consolidating forces helps the company scale its offerings and better support the requirements of small business owners in Germany as well as across Europe.
Upon closing the deal, the 30 team members of FastBill, including the Founder and the Chief Executive Officer René Maudrich, will join the global workforce of FreshBooks and will report to Dragana Ljubisavljevic, the company’s newly appointed Senior Vice President of Markets.
Maudrich will maintain the position of CEO at FastBill and will also be the Managing Director of FreshBooks Germany, navigating the regional expansion. The FastBill team will stay at its existing headquarters in Frankfurt, Germany.
Matt Baker, FreshBooks’ SVP of Corporate Development, stated that having a local team in Germany reinforces the company’s regional offerings, irrespective of business owners going digital owing to the latest need of diversifying their operations or due to new administrative regulations.
Furthermore, during the evaluation of the accounting software market in Germany, FreshBooks was impressed by the technical expertise as well as the established client base of FastBill, which made it FreshBooks’ partner of choice, said Baker.
The terms of the agreement have not been disclosed.