“We aspire to build a higher performing global SaaS company and to enable Xeroʼs next phase of growth and drive better customer outcomes, we need to streamline and simplify our organization,” CEO Sukhinder Singh Cassidy said in a prepared statement.

The company is also divesting two acquisitions. Last month, it announced the sale of its WorkflowMax brand, which it purchased in 2012, to BlueRock. It is also selling its cloud-based lending platform, Waddle, that it acquired in 2020.