Monchilla co-founders Jack Couch and Nanuan Shi, will take leadership positions with the payroll team and support Xero's payroll strategy. The move will enable Xero to expand payroll services beyond the seven states it now supports. Xero said that when Payroll in Xero is available with full electronic filing and payments of payroll taxes, Xero will migrate Monchilla's customers to the Xero platform.
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XERO SNARES PAYROLL COMPANY Featured
Xero has purchased start-up payroll company, Monchilla, for about $7.74 million. Australia-based Xero is paying roughly $4.1 million in cash and the rest in 238,490 Xero shares for the Seattle, Wash.-based payroll business. Monchilla charges $5 per company plus $5 per employee for its cloud-based system. In a prepared statement, Jamie Sutherland, president of Xero North America, "We like the Monchilla team's straightforward approach to filing and paying payroll taxes."
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