Wave Accounting Acquires Stock Research Tool Vuru.co
Boosts ability to provide financial insights and analysis
TORONTO, Aug. 21, 2012 /PRNewswire/ -- Wave Accounting, the innovators of award-winning small business software, today announced the acquisition of Vuru.co, an online stock research and investment tracking application. The acquisition continues Wave's aggressive growth and development strategy.
Vuru's free online tools make sense of complex financial reports for the growing number of self-directed investors. The technology performs thousands of hours of financial analysis in seconds, and distills the insights into clear reports that show users what they need to know to make well-informed investment decisions.
"We see a great fit between Wave and Vuru," said James Lochrie, CPO and co-founder of Wave. "Both applications take rich data streams and help customers know more about their finances, and we're confident that we'll be able to leverage significant synergies by bringing the technologies together."
In particular, Lochrie expects Vuru to yield benefits in Wave's personal finance tools. "For small business owners, the line between business and personal finances is often thin. So from day one, Wave has made it easy to track personal expenses and income in addition to business transactions. Now with Vuru, we'll soon be able to bring investment insights into Wave, too."
In the deal, Vuru co-founders Yoseph West and Cameron Howieson will join the Wave team in Toronto.
"We're very excited to become part of the Wave family," said West. "Leaning on the expertise Wave has developed in the cloud app and financial space, Vuru will immediately catapult to another level. And together our applications and technologies will give our customers some incredibly powerful financial tools. "
For the time being, Vuru and Wave will continue to operate as independent products. West and Howieson will retain oversight of Vuru's day-to-day operations, while bringing leadership and insight into new Wave products currently under development.
"We've been advising Yoseph and Cameron for the better part of a year, and have been very impressed with their abilities to take complex financial data and make it elegantly simple and meaningful for the non-technical customer," said Lochrie. "They're definitely a great fit with our team, and we look forward to their contributions to our business."
Based in Toronto, Canada, Wave provides integrated online applications that help small business owners around the world run their businesses. Wave has raised more than $19 million in funding in a year and a half, during which time it has signed up hundreds of thousands of small business customers around the world. Wave Accounting currently tracks more than ked $35 billion in small business income and spending; customers can sign up for free at WaveAccounting.com. WavePayroll.com is available now in Canada; U.S. customers can sign up for advance invitations at http://wavepayroll.com/advance-invitation.
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