Are US VC firms still looking for Fast Growing Technology Companies in Australia and New Zealand?

The recent example of US Venture Capital firms acquiring interests in Australian growing technology companies is to do with Xero Ltd (ASX: XRO) that seems to be recoiling to its 52-week high price now (up 1.5% on April 18, 2017). Xero has been in the news as there are reports that a US venture capital firm – Technology Crossover Ventures (TCV) has acquired a stake in the group.

In line with the above, XRO has updated about movement of 1% or more in substantial holding and change in nature of relevant interest in the group. The movement has been under an off-market sale on April 14, 2017, by Matrix Capital Management Company, L.P., and entailed selling of 1,011,172 ordinary shares to TCV IX NZ, L.P., 285,315 ordinary shares to TCV IX NZ (A), L.P., 54,004 ordinary shares to TCV IX NZ (B), L.P., and 79,306 ordinary shares TCV IX NZ (MF), L.P for consideration, of NZD$20 per share. The total consideration has been cited to be of the order of NZD$28,595,940, and is pursuant to a Share Purchase Agreement, with settlement occurring April 26, 2017. The group seems to welcome the move given that many investors are supportive of company’s next phase of growth.   

 

 

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