Low-cost accounting software vendor Xero has received $110.8 million as it plans to ramps up growth in the United Kingdom and the United States. The New Zealand-based company said this week it also plans to increase its efforts to enlist accountants and bookkeepers in this country in using its cloud-based products.

Intuit's issue with publicity surrounding fraudulent efiling of state tax returns prepared via TurboTax took a new turn this week. The company is denying claims by two former employees that it put profits ahead of ethics. The Mountain View, Calif.-based company flatly denied the charges, saying it has been vigorous in combating fraud.

Intuit has acquired Porticor, an Israeli company that makes encryption products for cloud-based applications. The deal was concluded on February 2, days before Intuit faced widely publicized fraud with efiling of some TurboTax state returns. Intuit said the problems, which halted some state filing for one day over February 5 and 6, did not occur from a breach or its tax process