Great to see. Xero continues to execute well. Good news for long term holders who can ignore the daily/monthly sp movements and think in years.
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Xero - "if we have a problem, we fix it. If we can't fix it, we buy a company that can (and cheaply too)"
Nicely done Rod, keep connecting them jigsaw pieces ;)
Interesting that Monchilla doesn't just to payroll, it was technically a full Xero competitor: http://www.monchilla.com/
Doesn't look like it has any previous VC funding: http://www.crunchbase.com/organization/monchilla
It's the tax part of the puzzle that is so important in the US. I think I've posted this before- the most important relationship for a SME is with the tax advisor, not the accountant (though the accountant is still important). If Xero can wrap this up, and make both those relationships work better for all sides, they will disrupt the sector there.
Cheers Harvey, yes I wasn't unable to find much on them either. However given XRO's US numbers were only 22,000 last count, it wouldn't take much to significantly add to that (in a relative sense).
As per this part of the announcement:
"With the acquisition, Xero will continue to support Monchilla's current customers and will transition them over time to the Xero platform."
I just figured it was worth looking into what kind of a customer increase XRO might expect in the US from the acquisition.