In a prepared statement, a Xero spokesperson described Intuit as one of several industry giants experiencing disappointing earnings. "Intuit itself is finding that once you fall behind, it's hard to catch up," the statement continued. In announcing a QuickBooks conversion services earlier this month, Xero sent out a press release under the title "Xero announces nail in the coffin conversion service." Somebody has been studying at the NetSuite School of Competitive Marketing. What's interesting is that this news broke just after Paychex had invested in another low-end online player, Kashoo, although it's safe to say that investment was not in the same ballpark. There is money to fuel the low-end wars
XERO RINGS UP $150M INVESTMENT Featured
Recently, someone was speculating on the future of online accounting software vendor Xero based on the rate it was burning cash. Those calculations did not take into account the fact that Xero would be able to raise another $150 million in new funding, largely from American investors. The New Zealand-based company said this week that U.S. firms, including include Valar Ventures and Matrix Capital Management, chipped in $123 million of that amount.
