Yesterday's biggest New Zealand technology news story was Xero's NZ$180 million capital raising.
Local media outlets were all over the story. It made its way out of the tech ghetto into the mainstream business pages.
Behind the NBR's paywallChris Keallreports Drury now ready for battle against giant Intuit in the US. The headline sums up the story's main point nicely. Keall goes on to discuss the possibility of a Nasdaq float.Businessdeskmakes a similar point withDrury says Xero fund raising sends strong signal to rivals. In case you missed it the message to take the accounting as a service operation seriously. The Businessdesk version
shows up in a number of places includingThe Sydney Morning Herald.
Out comes the business-as-war metaphor
The NZ Herald opts for a military metaphor withXero share soar on 'war chest' sale headlining a story which reads a lot like the Businessdesk version. In Wellington the key point for Tom Pullar-Streckerwho files for The Dominion-Post is that that money will mean extra jobs at Xero's headquarters in that city. Pullar-Strecker also says the money is a vote of confidence in the company.
Radio New Zealandis concerned with the jobs angle although it raises a different point inXero planning expansion - if it can find staff. It reports the company saying it will struggle to find the extra people in needs in Wellington. There's also a an
audio clip of a Rod Drury interview with the story.TVNZ used the Fairfax-sourcedXero raises $180 million on its website. If there's a video clip, I can't find it.
Idealog putsAmanda Sachtlebenonto the reporting job. She delivers in the shape ofXero lands $180 million investment to fundUS charge.
International reporting from Wellington
Bloomberg's international service has a story from Wellington reportsMatthew BrockettXero Heads for Record High After Capital Raise: Wellington Mover. Simple and straight to the point. Reuters' report written by Gyles Beckford is even more terse with just three short paragraphs. The story makes it toThe Wall Street Journalin the shape of Lucy Cramer'sXero Gets NZ$180 Million From U.S, New Zealand Investors in Capital Raising.
There's aBen Kepesreport in Forbes magazine. He puts the news inXero raises NZD180M To Fund US Expansion into context telling readers about Xero's competitors and its New Zealand roots.
Xero Techcrunched
Kepes turns up as a local expert to add depth to Ingrid Lunden'sXero Zeros In On Another $150M To Do Battle With Intuit In The World Of Online SMB Accounting Software atTechChrunch.
Lunden's story has by far the longest headline, but it also contains a lot more depth than any of the other overseas
written reports. She includes the company's capital-raising history and puts Xero in a broader context. She also uses
Kepes wisely getting him to explain: "Why public Xero is raising funding from VCs, it’s an interesting predicament that
seems unique to markets like New Zealand".
Lance Wiggsis close to the business of raising tech company finance. On his blog he nails an important angle of the Xero story writingOne more step towards Xero as a mainstream US stock. Wiggs has a different perspective from the journalists covering the story and his post is a must read if you want to
understand how yesterday's news fits into the bigger picture.
In Australia ITWire's report appears to do little more than rewrite the press release. Much the same can be said for the Australian-written version of the story that turns up in New Zealand Reseller News.It also gets a run in ARN. Australia's Business Spectator takes the same approach.
Upstart accounting
Auckland-basedRob O'Neilltells ZDnet's international readersAccounting upstart Xero raises NZ$180m. In Australia CRN reportsTony Ibrahimgets the channel angle withNZ software company's $158m investment windfall. As he reports, there's a non-traditional channel behind Xero's stunning growth story.
Another well-written Australian report is at BRW whereCaitlin FitzsimmonsreportsPeter Thiel’s Valar Ventures on board as Xero raises another $159m to fuel global growth. Fitzsimmons' story is written for Australian investors hence the A$ value on the headline amount. The BRW story may be
behind a paywall.
Lastly, UK-based The Registers used Australian editorSimon Sharwoodto pen the alliterativeKiwi 'ccountancy cloud collects colossal cash casket. He ends his story writing: "If the new cash infusion helps Xero to repeat its trick of shaking up incumbent small
business accountancy-ware players, plenty ofReg readers may soon find themselves being asked about migrations or implementations."
[digitl 2013]