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14/10/2013 08:45
Xero raises NZ$180m for global growth
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David E. Goel, Managing Member of Matrix Capital Management, says
"Xero is emerging as the definitive software platform for small business worldwide. Capturing the power and affordability of cloud-based computing, Xero has
democratised accounting, payroll, and other business software that was once the privilege of only the largest companies. Having empowered hundreds of thousands of small and medium-sized businesses in New Zealand, Australia, and
the United Kingdom, Xero is poised to do the same for its
*29 million potential customers in the United States.
We are adding to our investment to help facilitate and accelerate this goal."
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US investors account for NZ$147 million of the capital raised. In addition to Matrix and Valar, the US investors represent some of the most enduring and well-capitalised asset management firms in the world, all of whom will assist the company with its strategy and execution in the US market.
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Xero CEO Rod Drury says
"Xero has had seven years to build the best global
accounting platform. That investment puts us in a strong position as the cloud market accelerates. The calibre of our investors and our strong cash position sends a clear signal of our aspirations to serve millions of small
businesses around the world and attract the world's best talent."
Video will be made available related to this announcement on Vimeo and in Box.
https://www.nzx.com/markets/NZSX/securities/XRO/announcements
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About Matrix Capital Management
Matrix Capital Management is an investment advisor registered with the United States Securities and Exchange Commission and is based in Waltham, Massachusetts, just outside of Boston.
Founded in 1999 by David E. Goel and Paul J. Ferri, the fund primarily invests in publicly traded equity securities with a focus on developing a deep and detailed "bottom-up" analysis of each company in its portfolio.
Under Mr. Goel's stewardship as the Managing Member, Matrix takes the long view of investing. This strategy involves developing high conviction in companies based on its particularised research into their fundamentals, and combining that knowledge with a differentiated understanding of the sectors in which they do business.
Over its fifteen-year investment history, Matrix has specialised in companies that use technology to disrupt or disintermediate business models, while cultivating specialised experience in the technology, media/telecom and
consumer sectors.
Within the technology sector, Matrix has been extensively involved in several sub-segments: software-as-a-service, cloud infrastructure, payments, e-commerce, social media, mobile data, and streaming video. Over the last two
decades, the Matrix investment team has built relationships with executives and entrepreneurs in these areas who help Matrix identify and evaluate potential investment opportunities.
Matrix's strategy is to invest in a concentrated portfolio of attractively-valued companies whose innovative ideas, strong fundamentals, and visionary management teams position them to grow over multiple years. Matrix invests a significant amount of time and resources in developing high conviction in each of its positions, holding to a deliberate strategy designed to generate strong, durable returns over time.
This above information about Matrix Capital Management does not constitute an offer to sell or solicitation of an offer to buy any securities.
About Valar Ventures
Valar Ventures is a global venture capital firm backed by Peter Thiel. Based in San Francisco, Valar invests exclusively in companies outside of the United States.
Valar believes that over the next decade an increasing number of transformative technology companies will be started outside of the US, and that the founders of those companies will benefit from having a US partner that understands their unique challenges and opportunities and can help them access US networks.
See http://www.valarventures.com
