Xero bosses sell shares to allow others on board

Three bosses of online accounting software firm Xero have agreed to each sell a percentage of their shareholding so that other investors, including MYOB co-founder Brad Shofer, can get on board.

A total of $5 million in shares have been sold by CEO Rod Drury, co-founder Hamish Edwards, and COO Alistair Grigg.

Five investment institutions also participated in the trades.

The sale allows these investors to participate 'without further dilution', a release from the company reads.

"There is no intention for the founders to sell down in the foreseeable future.”

With his purchase, Shofer joins his other MYOB co-founder, Craig Winkler, in the list of the company's top 20 shareholders.

The move follows a private placement last week which raised $20 million for the company.

Xero held its annual Xerocon conference last week; go here for the highlights.