FreshBooks, a leading cloud accounting software provider, has announced the acquisition of FastBill, one of Germany’s leading cloud accounting and invoicing software solutions.
FastBill helps self-employed professionals, small businesses, and startups maintain better control of their finances through electronic invoice management, reporting, and access to tax advisory services. The terms of the transaction have not been disclosed.
FastBill currently supports paying customers in 16 different countries across Europe. Together, FreshBooks and FastBill will unlock new platform capabilities and expand into regions where the small business market is significant and growing. In 2020, small and medium-size businesses represented 99 percent of businesses in the EU, employing two out of every three jobs.
Upon closing, FastBill’s 30 team members, including CEO and Founder René Maudrich, will join FreshBooks’ global workforce and report to FreshBooks’ newly-hired SVP of Markets, Dragana Ljubisavljevic. Maudrich will remain CEO of FastBill, and will also assume the role of Managing Director, FreshBooks Germany, driving expansion in the region. The FastBill team will remain at its current headquarters in Frankfurt, Germany.
“With its complementary mission and culture, we are extremely excited about our acquisition of FastBill and how it strengthens our global expansion plans,” said Don Epperson, CEO of FreshBooks. “This acquisition, paired with FreshBooks’ leadership in streamlining and simplifying workflows for Owners around the world, will position us to better serve as many customers as we possibly can.”
“FreshBooks acquiring FastBill is a win for everyone. Combining forces helps us scale our offering and better support the needs of small business owners in Germany and across Europe,” said FastBill CEO and founder René Maudrich. “We are thrilled to be powered by a company that is equally obsessed with delivering for its customers.”
“The adoption of digital tools for small business is a huge growth opportunity,” said Matt Baker, SVP of Corporate Development at FreshBooks. “Whether business owners have been going digital because of the recent need to diversify how they operate or because of new government regulations, having a local team in Germany strengthens our regional offerings. While evaluating the German market for accounting software, we were deeply impressed by FastBill’s technical experience and well-established client base. This made FastBill our partner of choice. ”
