Australia: Clayton Utz helps propel Accel Partners into $US100 million strategic Xero investment
Last Updated: 18 March 2015

Sydney, 13 March 2015: Clayton Utz has acted as Australian legal counsel to Silicon Valley based venture capital firm Accel Partners on its $NZ132.9 million (approximately $US100 million) strategic investment in Xero Limited (Xero), a NZ and ASX listed software company that develops cloud-based accounting software. The transaction completed today.

Corporate partner Jonathan Algar led the Clayton Utz transaction team, which included director Natasha Davidson and lawyer Nathan Lim. Simpson Grierson's Michael Pollard and Andrew Matthews acted as NZ Counsel to Accel Partners.

Jonathan said the Clayton Utz team enjoyed working with Accel Partners on this latest acquisition. "We have acted for Accel Partners on a number of transactions now. Their team brings a pragmatic approach to deal-making that reflects Accel's reputation for savvy, ahead-of-the-market investments in emerging and growth sectors. We congratulate them on adding the Xero investment to their portfolio."

Accel Partners is known for being an early stage funder of a range of start-up and growth tech businesses including Atlassian, Campaign Monitor, Capital Access Network, Dropbox, Etsy, facebook, Invoice2Go, OzForex, 99designs and Spotify.

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