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Xero Limited (ASX:XRO) has acquired online payroll company Monchilla Inc.The online accounting company says it will pay about $US4.1 million in cash together with 238,490 Xero shares for the Seattle based company.CEO Rod Drury says the buy will help the company develop a world class payroll experience for the US over the next 12 months.The company says its ability to quickly integrate complementary technologies into its platform positions it strongly to take a share of this large market.Xero reported a net loss of $33.3 million in the full year to the end of March 2014.
News: Xero acquisition targets US payroll market
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