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Xero adds new Investor, Director and US President

Posted 6 years ago in Xero news by
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Another big day at Xero this morning with three announcements that will excite our customers and partners.

Xero Attracts World-Class Investment + Talent To Fuel Growth

  1. Accel, one of the top US tech investors, has invested $US100m into our company. With other investors we have put another $NZ140m in the tank and will head into the 2016 financial year with over 1/4 billion in the bank to fund innovation and growth.
  2. Graham Smith, who was most recently CFO at Salesforce, has joined our board. It’s great to have Graham on the team.
  3. Russ Fujioka has been appointed US President. Russ is one of the smartest marketing and growth executives I’ve met. We’ve been working with Russ for five months and are thrilled to complete our US leadership team.

We’re already getting some great feedback – and we welcome any questions in the comments section.


Mike Porter
February 25, 2015 at 10.13 am

Another great result and vote of confidence.
Does this alter the view on a future US ipo – this has always been signaled as a potential after $US100m rev?
Accel have some great brands in the stable – Atlassian and Spotify to name a couple – what do they bring to the party beyond a very sizeable capital injection?

Rod Drury
February 25, 2015 at 1.29 pm

Thanks Mike.

Doesn’t really make a difference for a possible US IPO. We’d mainly do it for brand awareness and marketing. Just gives us more options so we can be in the best shape if we go. Having GS on the board also a big tick.

We like the Accel team because they are active in Australia and the UK and understand what we are doing there. As a tier 1 investor they will provide comfort to others that we have a good strategy and team. They will be actively and regularly involved with strategic introductions, access to talent and thinking about how best to approach our markets.

We enjoy interacting with and being challenged by super smart people and seek out advice and connections at every opportunity.

February 25, 2015 at 1.48 pm

Correct me if I’m wrong but Jamie Sutherland is the US President for Xero, right? If yes and without kind words about him on this announcment or to his leaving, then this company has once more shown its brutal side in conquering the USA market.

Rod Drury
February 25, 2015 at 1.59 pm

Romeo, you are wrong I’m happy to say.

Jamie was our initial US President that did the incredibly hard job of getting is got us off the ground. I’m delighted Jamie continues with us as a General Manager and valued member of the team focussed on US Product and working with our US Accountants channel.

This is a similar track as in Australia and the UK as each market scales quickly we are continually bringing on and developing leadership appropriate for each phase of growth.

But we are very clear about performance as you have to be in a fast growing company. That’s what our shareholders would expect from us.

Hope that sets your mind at ease.

Peter McCarroll
February 25, 2015 at 4.03 pm

Great job Rob and team. Time to put those big boots on stop out QB!! But first – you can invade Canada!

February 25, 2015 at 7.30 pm

Rod Drury, Your quote “But we are very clear about performance as you have to be in a fast growing company. That’s what our shareholders would expect from us.”

The share price is firing up in just few days. Hope you will not get a speeding ticket or ask to please explain. 🙂

Keep up the great efforts. I am becoming optimistic again with my investment.

Gayle Buchanan
February 26, 2015 at 10.42 am

Just awesome and Aussie/UK balance – thank you thank you

February 27, 2015 at 2.21 pm

Good work hooking up with Accel, they’ll bring a lot to the table.
Worked at their UK office for a while – they’re a smart bunch of cookies!

March 5, 2015 at 9.08 am

I read the US Listing in the share market will be delayed until early 2016. I believe it’s a good move because Xero needs to make a net profit.

The latest progress in its US operations must prove to have a big jump in sales probably over a million worldwide.

Hopefully, The US IPO price may be high.

Go Xero!

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