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Upstart Paycycle acquired by New Zealand’s Xero

Payroll entrepreneurs Stuart McLeod and John Freeman will no longer be needing to count their pennies. Their two-year-old bootstrapped startup, Paycycle, which provides an online payroll system, is being acquired for $1.5 million by New Zealand’s accounting software provider Xero. Of the amount, $500,000 will be paid in cash and the rest in shares of Xero, which is listed on the New Zealand Stock Exchange. The shares will fully vest over three years.
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New Zealand’s Xero eyes US IPO, further disruption as subscribers increase...

Xero recently held its annual meeting in Wellington, during which the company revealed some interesting details about its future. As has been widely suspected, the...

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