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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.

Paycycle – Small Business Online Payroll (SMART 100)

Stuart was managing Contract1, a Contractor Management company. He was extremely experienced in payroll and all the software solutions available at the time, and found himself continually frustrated at the lack of attention to detail and the appalling user interfaces. If there was a way to make the job of a payroll person more difficult, they would have found it. About the same time, Xero entered Australia and declared that they wouldn’t be offering a payroll solution with their product. That was the epiphany moment. Stuart had lunch with John (his former boss at AusAID), and Paycycle was born.

FREE BUSINESS TOOLS

Ever considered crowdfunding? [FREE REPORT]

Liz Wald is Vice President of International for Indiegogo.com. She has been terrifically successful raising funds through the crowd model.  One of her successes...

FREE BUSINESS TOOL

Five essential things to get right if you want to raise...

So you’ve got a brilliant idea, or maybe you’ve even started building your nascent business, but you think it might help to bring on some extra money. You try to raise the money, but wherever you go it seems there are roadblocks and challenges, and it’s difficult to know where to start. To help tackle this tricky tropic, we interviewed Bryan Vadas. He’s the founder of iPledg (Australia’s leading crowdfunding platform for creative, commercial, charitable and community projects) and Capital Exchange Australia (an education and funding platform for startups).

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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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