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SaaS accounting firm Xero raises $110.8 million in post IPO funding
Cloud accounting software and services company Xero Ltd. has raised $110.8 million in post IPO funding in a round led by Accel Partners that included current investor Matrix Capital Management.
Listed on the New Zealand Stock Exchange, Xero offers software as a service (SaaS) accounting solutions to small to medium enterprises (SME’s.) Features include automatic bank and credit card account feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, and standard business and management reporting.
Xero also offers a free API that that allows customers and third party software vendors to integrate external applications with Xero.
“We welcome the Accel Funds as strategic investors in Xero, and are delighted with Matrix’s continued support,” Xero CEO Rod Drury said in a statement. ”
Xero has offices in its native New Zealand, Australia, the United Kingdom and the United States, and boasts of having 400,000 users worldwide, with the the largest number currently coming from Australia, where it has over 158,000 paying customers.
Xero said that it would use the proceeds from the issue of the new shares to fuel continued innovation and growth globally and specifically to drive its growth in the United States and United Kingdom. The transaction will result in Xero having a cash balance of approximately $215 million.
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