Tuesday 8th March 2011
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Online accounting software company Xero is relocating its chief technology officer to the US to drive product development.
The company told an investor presentation today that it was establishing a beachhead in San Francisco where it will leverage off shareholder Peter Thiel.
Thiel, who co-founded PayPal and was an investor in Facebook, became an investor in Xero last year.
The investment in Xero was through Thiel's New Zealand investment firm Valar Ventures.
Xero has incorporated a US company called Xero Inc and is working on strategic partnerships in the US market. A full strategic update would be provided in late May, the company said.
Thiel has said that Xero's tight focus, robust product, and strong team should enable it to expand tremendously in the US.
"Millions of small and medium-sized businesses need an online accounting solution, especially in this time of increasing regulatory and tax complexity."
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