Toronto?s Wave Accounting is continuing its push to make complicated topics simple and accessible through the acquisition of Montreal stock analysis startup Vuru.co.
Wave said Tuesday it has picked up Vuru for an undisclosed sum and will fold the two-man team behind the investment research website into its own operations in Toronto.
Vuru, which was part of Montreal accelerator FounderFuel?s first cohort of companies last fall, provides free online tools to analyze financial and market data, screen stocks for value-based opportunities and monitor investment portfolios.
James Lochrie, chief technical officer and co-founder of Wave, said in an interview there was a cultural fit between Vuru and Wave, which offers free accounting software targeted at small business owners as well as payroll software for a fee.
?[Vuru was] taking the complexity out of investments the same way we do around accounting and making it something that whether you?re experienced or a rookie beginner, you still have this product that you can use to gain the insight and advantages that some people who are much more sophisticated can garner out of information,? Mr. Lochrie said of the two companies? complementary approaches.
Vuru founders Yoseph West and Cameron Howieson will move to Toronto to work with Wave as part of the deal and Mr. Lochrie said the Vuru tool will continue to run as an independent application for the ?foreseeable future? while Wave looks into how to best integrate the technologies.
?Being able to put all of your financial information into one picture I think is going to be very valuable,? he said.
Wave closed a US$12-million series B round of funding in May and although acquisitions were not specifically top of mind at the time, Mr. Lochrie said the company will pursue them where it makes sense to expand its product.
It bought payroll software startup Small Payroll last fall and re-branded the Winnipeg company?s technology as Wave Payroll.
?On the acquisition side of things our strategy would be more opportunistic around what feature sets we?re missing and this was one of those feature sets that we saw as an opportunity to quickly expand into something valuable for our users,? Mr. Lochrie said of the Vuru buy.
Wave launched in November 2010 and has since grown to about 65 employees. It has in the range of 350,000 users of its free accounting software, Mr. Lochrie said.
Its business model is based on leveraging its user base for targeted advertising and group-buying opportunities.
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