Xero pays $10M for US online payroll company Monchilla to drive growth

Wed, 05 Nov 2014

By Tina Morrison Nov. 6 (BusinessDesk) - Xero, the cloud-based accounting firm, paid the equivalent of $10 million in cash and shares for US online payroll company Monchilla to help drive its expansion in the world's largest economy. Xero paid US$4.1 million in cash and issued 238,490 shares valued at $20 apiece to acquire Seattle-based Monchilla from founders Jack Couch and Nanjuan Shi, who will continue with the firm, the Wellington-based company said in a statement. Half of the shares are restricted from trading for two years, the comp...

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