Yanks Pump $141mil. Into Xero
The investment sees prominent technology investor Accel come on board as a Xero shareholder and Xero says the proceeds will help it innovate and grow globally.
Accel hails from Silicon Valley where the venture capital company focuses on early stage and growth stage investments. Its Xero investment is expected to close in mid-March.
Upon completion of the transaction, Xero says it will have a cash balance of approximately A$272 million. And it says it will use the proceeds from the issue principally to drive growth in the USA and UK.
– In a separate move, Xero has appointed Russell Fujioka, a former Dell executive, as its US president. Graham Smith, 55, has joined the Xero board as an independent, non-executive director. He has been Salesforce’s CFO and a board member of big-data search company Splunk.