Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


PayPal founder pumps $4mln into Xero

PayPal founder to join Xero advisory board, pumps in $4mln

by Paul McBeth

Oct. 22 (BusinessDesk) – Xero Ltd., the accounting software company, has tapped PayPal co-founder Peter Thiel for $4 million to help fast-track its expansion in the U.S.

Thiel, who helped set up online payments company PayPal and later sold it to eBay for US$1.5 billion, will buy about 2.7 million shares in Xero in a private placement to help support the company’s expansion into the U.S., giving him about 3% ownership.

Once the deal is done, he will join Xero’s U.S. Advisory Board. The shares climbed 3.6% to $1.54 in trading today, and are down 8.6% this year.

“With the support of Peter and his team, we believe we are now strongly positioned to enter the U.S. and capitalise on the opportunity that this market represents,” chief executive Rob Drury said in a statement.

“Access to their extensive networks will provide a major boost as we take on Quickbooks in the vast U.S. small business market.”

Xero entered the U.S. market last year when it appointed Dell Inc. executive Andy Lark to be its first member on the company’s U.S. Advisory Board, and in May last year it won two Webby awards.

In January, Xero entered into an arrangement with American online banking services provider Yodlee Inc. to offer its accounting system.

(BusinessDesk) 10:58:59

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news