Accountabl, an expenses management platform created by the Rix Group in Hull, has been sold to a fintech listed on the Nasdaq First North Stock Exchange in Sweden.
Done.ai has acquired the business in deal which involves a cash sum as well as the Rix Group taking a shareholding in the AI-driven company.
The Rix Group decided to divest the business 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, said: “This is a very exciting development for Accountabl.
“Done.ai, previously 24SevenOffice, is known for its distribution to ERP providers 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.”
Mr 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.
“We see this partnership as a positive step for both parties,” he added. “Our ongoing relationship with Done.ai will allow us to benefit from their expertise in AI while continuing to focus on our primary industries.”
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.
“We look forward to building on what’s already working and innovating in the areas that matter most.”
