Jason Del Rey

Recent Posts by Jason Del Rey

QuickBooks Competitor Xero Raises $150 Million to Take On Intuit

breaking_bad_money_bed

With QuickBooks, Intuit has basically owned the small-business accounting software market in the U.S. for quite some time.

But an announcement today from publicly traded, New Zealand-based competitor Xero proves that, at a minimum, there is a challenger serious about making a run at upending the industry incumbent.

Xero has raised $150 million in new funds, the majority of which came from U.S. investors, including Matrix Partners and Peter Thiel’s Valar Ventures. The company had halted trading of its stock last week on both New Zealand and Australia’s stock exchanges as it finalized the deal.

In a statement, Xero said the funds would help it grow its U.S. business, which it launched in 2011.

The funding comes a few weeks after Intuit announced a major redesign of the online version of QuickBooks, in part because of the emergence of newer Web-based software services with easy setup and slick designs.


Latest Video

View all videos »

Search »

I think the NSA has a job to do and we need the NSA. But as (physicist) Robert Oppenheimer said, “When you see something that is technically sweet, you go ahead and do it and argue about what to do about it only after you’ve had your technical success. That is the way it was with the atomic bomb.”

— Phil Zimmerman, PGP inventor and Silent Circle co-founder, in an interview with Om Malik