Planday was acquired for €155.7 million by US-based Xero.

Planday, a Copenhagen, Denmark-based company providing digital workforce management solutions, announced that it was acquired by the American company Xero, which does cloud accounting software.

The deal was made for a combination of stock and cash (45/55) in a transaction valued at €155.7 million ($241.6 million). The deal also includes up to €27.8 million in milestone payments, based on Planday’s product development progression and revenue growth. This will come in the form of 50 per cent cash and 50 per cent scrip.

Planday, founded in 2005 and led by CEO Christian Brøndum, developed SAAS solutions that simplifies employee scheduling, allowing businesses to forecast and manage their labour costs more effectively.

The company raised about $60 million from investors including Creandum, Idinvest, SEB Private Equity and the German retailer Metro AG.