Simpson Grierson helps Accel Partners into Xero Invesment

Simpson Grierson helps propel Accel Partners into $US100 million strategic Xero investment

Simpson Grierson has acted as New Zealand legal counsel to Silicon Valley based venture capital firm Accel Partners on its NZ$132.9 million (USD100 million) strategic investment in Xero Limited, anNZX and ASX listed software company that develops cloud-based accounting software. The transaction completed today.

Corporate partner Michael Pollard and senior associate Andrew Matthews led the Simpson Grierson transaction team. Clayton Utz corporate partner Jonathan Algar, director Natasha Davidson and lawyer Nathan Lim acted as Australian counsel, reflecting Clayton Utz's long term relationship with Accel.

Michael said: "The Accel team brings a savvy, practical and collaborative approach to investing and we are delighted to have acted on their first investment in New Zealand."

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.

ENDS

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