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a month old news, from a different perspective
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...But Intuit may be more concerned about who is sticking up the money than the size of the warchest itself. Most of the $180 million came from two funds; one,
Matrix Capital Management, which makes long-term investments in companies it believes can disrupt markets, and
Valar Ventures, backed by one of the US’s most successful entrepreneurs, PayPal co-founder Peter Thiel.
Together the funds have deep experience in cloud software and infrastructure, payments and e-commerce which are key aspects of the wider picture.
While the frontline is accounting software, the stakes are much higher.
*Xero and Intuit see their accounting platforms as foundations for a broad range of services stretching from payments to e-commerce and beyond.
“By next year we will have mostly finished building the core accounting platform – and then we can build the fun stuff,”
said Xero CEO Rod Drury in his keynote at the recent Xerocon conference in Australia.
“Xero is emerging as the definitive
*software platform for small business worldwide,”
said David Goel from Matrix Capital Management in a press release yesterday.
Note that he didn’t call it an “accounting software
platform”......
http://boxfreeit.com.au/2013/10/15/intuits-nightmare-approaches-as-xero-raises-nz180m/
