Latest news with #SinghCassidy
West Australian
19 hours ago
- Business
- West Australian
Accounting software firm Xero buys New York's Melio for $4b in a bid to crack US market
Accounting software firm Xero will buy New York-based Melio Payments for $2.5 billion ($3.9b) in a bid to push deeper into the US market. Announced to the Australian Securities Exchange on Wednesday, the deal marks Xero chief Sukhinder Singh Cassidy's first major acquisition since she stepped into the top job in February 2023. Melio — founded in 2018 — has offices in New York and Tel Aviv, and provides accounting and payments software to small and medium-sized businesses in the food, beverage and construction sector. Melio has about 80,000 customers and processed about $US30b of payments in the 2025 financial year to generate $US153 million in revenue. Meanwhile, Xero provides accounting software for invoicing, payroll and other functions primarily to small business. Headquartered in Wellington, NZ, it also has a presence in Australia, the UK, US, Canada, Singapore and South Africa. In the US, it has 400,000 subscribers compared with one million in the UK and 2.3 million in Australia and New Zealand. The company said the combined business would significantly accelerate US revenue growth and presented an opportunity to more than double its group revenue in the 2028 financial year. Ms Singh Cassidy said it was excited to welcome Melio's world-class team and looked forward to working together to deliver shared goals. 'Adding Melio's world-class team, technology platform, and innovative (accounts payable) solutions to Xero enables a step change in our North America scale,' she said, adding it had the potential to help millions of US small and medium businesses, and their accountants, better manage their cash flow and accounting on one platform. 'Xero and Melio are highly complementary — together they complete the key jobs to be done for US SMBs, extend reach across customer segments, provide both direct and syndicated offerings, and deliver multiple revenue drivers.' Melio co-founder and chief executive Matan Bar said joining Xero was an incredible opportunity for the team to further its mission to reinvent the way businesses paid each other. Xero will fund the deal via a fully underwritten $1.85b institutional placement, $US360m of Xero scrip issued to existing Melio shareholders, a fully underwritten $US400m unsecured revolving credit facility, and $US600m of existing cash on Xero's balance sheet. The deal is expected to complete within six months.
Cision Canada
30-04-2025
- Business
- Cision Canada
SUKHINDER SINGH CASSIDY JOINS TORONTO TEMPO OWNERSHIP GROUP
TORONTO, April 30, 2025 /CNW/ - Sukhinder Singh Cassidy, one of Canada's most respected technology executives, entrepreneurs, and investors, is the newest member of the Toronto Tempo ownership group, the team announced today. A native of St. Catharines, Ontario and an alum of the Ivey School of Business Administration at the University of Western Ontario, Singh Cassidy has more than 25 years of leadership experience with global technology brands. Prior to her current role as CEO of accounting platform Xero, she served as President of StubHub and held leadership roles at organizations including Google and Amazon. She is also the founder of theBoardlist, an organization dedicated to advancing diverse leadership in corporate boardrooms. "Sukhinder brings an unparalleled combination of skills and insights to the Tempo ownership group," explains Teresa Resch, President, Tempo Basketball Club. "Not only has she made a lifelong commitment to creating opportunities for women to realize their full potential - but she's spent her entire career building world-class fan experiences and iconic digital franchises. She's an inspirational leader with a proven ability to build and grow dynamic organizations. It's an unbeatable combination." This announcement follows the news that Serena Williams, one of the world's most celebrated athletes, has joined Larry Tanenbaum, Chairman of Kilmer Sports Ventures, as an owner of the Toronto Tempo. "The opportunity to be part of this absolutely powerhouse ownership group is, in many ways, the culmination of both my personal passions and my professional experiences," said Singh Cassidy. "I am a proud Canadian, a passionate sports fan, and a champion for creating opportunities for women to thrive. I believe there's never been a better time to invest in women's sports, and there's no better team to invest in than the Toronto Tempo." The Tempo will begin playing at the Coca-Cola Coliseum in 2026 and will host regular-season games across Canada. More information about the team, including details on how to register for the Season Ticket Waitlist and access to Tempo's merchandise store, is available at In May 2024, the Women's National Basketball Association (WNBA) announced its expansion into Canada by awarding Toronto an expansion team, the league's first outside the United States. The new team, owned by Kilmer Sports Ventures, will begin play in the 2026 season as the WNBA's 14th franchise. Sephora Canada and CIBC are the team's first announced founding partners. Larry Tanenbaum, Chairman of Kilmer Sports Ventures and a 30-year veteran of building championship-caliber teams, is also Chairman of the NBA Board of Governors and Chairman of Maple Leaf Sports & Entertainment, which owns the NBA's Toronto Raptors, NHL's Toronto Maple Leafs, MLS' Toronto FC and other professional sports franchises. Under his leadership, the Raptors won their first NBA championship in 2019.
