Mark Zuckerberg, CEO of Meta, has hired three researchers from OpenAI to bolster his company’s work on artificial intelligence. This strategic move aims to guide Meta Platforms through its current AI challenges. The social-media corporation brought aboard Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai, all of whom previously held positions at OpenAI’s branch in Zurich, as per sources privy to this information. These individuals established OpenAI’s location in Zurich towards the end of last year. Prior to their time at OpenAI, they collaborated closely within Google DeepMind, which is the organization’s artificial intelligence division. A representative from OpenAI verified that the three scientists have departed from the organization. Zuckerberg has been on an intense recruiting drive To correct the company’s AI initiatives following the underwhelming reception of its most recent model, he has sometimes proposed giving researchers up to $100 million to become part o...
SYDNEY—Xero, which provides accounting software, has agreed to purchase bill-payment platform Melio for an initial sum of $2.5 billion. According to Xero, this acquisition notably boosts their revenue growth within the U.S. market.
On Wednesday, the New Zealand-based firm announced plans to finance its biggest purchase ever, which comes after 19 years since the company’s inception. The funding includes a US$1.2 billion investment through an institutional placement. Additionally, they plan to utilize a US$400 million unsecured loan along with US$600 million from their current cash reserves.
Shareholders of Melio, which include various private equity firms like Accel and Thrive Capital, would be granted Xero shares collectively valued at $360 million.
This purchase addresses an important requirement for U.S. customers by integrating accounting and payments into a single platform, stated Xero, highlighting their competition with companies like Intuit’s QuickBooks.
Xero, which is listed in Australia, presently provides an integrated billing feature through a strategic alliance with the U.S.-based company Bill. By incorporating this service internally, Xero will be able to capture all the earnings from the offering, according to CEO Sukhinder Singh Cassidy.
"The urge to possess likely indicates the success of payment processes and transactions on Xero. It doesn’t truly signify that things aren't functioning correctly," according to Singh Cassidy.
Xero stated that this purchase would triple its North American revenue and average revenue per user, aiding in closer competition with Intuit regarding features, according to an analyst note from Wilsons sent to their clientele.
Xero announced a group revenue of NZ$2.10 billion, which is approximately US$1.26 billion, for its most recent complete fiscal year. The company stated that this figure might potentially increase twofold within three years, not accounting for expected revenue synergies.
Matan Bar, the co-founder and CEO of Melio, who previously sold his initial payment company to eBay in 2011 and then worked for six years at both eBay and PayPal, will head up the consolidated Xero operation in the U.S., under the supervision of Singh Cassidy.
Xero kept its fiscal 2026 outlook unchanged, not factoring in any impacts from the acquisition.
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