By Stuart Condie

SYDNEY--Xero Ltd. is buying Swedish electronic invoicing infrastructure firm Tickstar in the cloud accounting firm's second Scandinavian acquisition this month.

The New Zealand-based company on Wednesday said it would pay up to 150 million Swedish Krona (US$17.5 million) for the business, which allows organizations including Xero and its customers to connect to a global e-invoicing network.

It said it would pay an initial SEK60 million, split evenly between cash and scrip. Up to 50% of subsequent earnouts linked to development and performance milestones will be paid in 50% shares, it added.

Xero said it plans to leverage Tickstar's technology to support Xero's e-invoicing functionality. It expects completion in 1Q of its fiscal 2022, which starts April 1, and for a minimal earnings impact from transaction, integration and operating costs.

Xero on March 4 announced the acquisition of Copenhagen-based Planday, a workforce management platform.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

03-23-21 1824ET