“We are thrilled to be joining forces with another market leader who truly understands the needs of accounting professionals and delivers compelling cloud solutions,” said John Farrer, CEO and founder of Right Networks, in a prepared statement. “Everything from Xcentric’s core business to their company culture and values are complementary to those of Right Networks.”
Both companies will maintain their organizational structure, with Xcentric to be rebranded as Right Networks, Xcentric Division.
Each of the businesses is “customer-centric, accounting vertical-focused market leaders,” and the deal will allow the combined entity to produce a set of offerings to address “every step of the cloud journey for CPA firms, accounting professionals, and their SMB clients,” the two companies asserted.
Xentric co-founders Trey and Christian James will remain CEO and COO, respectively, of the business unit, according to AccountingToday.com. There are no planned layoffs.
Both companies were founded in 2002 and dedicated their focus toward accounting professionals. The expanded Right Networks will maintain its Hudson, N.H. headquarters, while Xcentric’s offices in Atlanta, Georgia, and Bozeman, Montana will remain in place.