Accel, Carlyle Make Minority Investment in Australian Currency Platform OzForex–UPDATED

Accel Partners and The Carlyle Group announced Monday they made a minority investment in the Australian foreign exchange payments company OzForex Group.

The unusual partnership—this is Accel’s and Carlyle’s first deal together—will give Sydney-based OzForex growth capital to consider acquisitions, develop complementary product offerings and expand into North America, Europe and Asia.

A press release did not disclose financial terms, but the transaction is between $60 million and $80 million in size, according to sources close to the deal.

The investment is Accel’s second in Australia this year. The firm invested $60 million in Sydney software development tools maker Atlassian in July.

“I’m a big believer that we have to leave Silicon Valley to find interesting transactions,” says Accel Partner Ryan Sweeney. “We need to be a global firm.”

Sweeney (pictured) says he is attracted to Australia for several reasons. The country is a gateway to Asia and its economy has been relatively stable over the past couple years, he says. In addition, there are lots of interesting companies, and Accel is open to further investments, he says.

Both Accel and Carlyle will take seats on OzForex’s board. The deal closed on Nov. 19 and will allow Macquarie Private Wealth and OzForex’s founders to retain significant ownership in the business. Neil Helm will continue as chief executive.

OzForex operates as an online payments platform that allows individuals and small businesses to purchase foreign currency online to facilitate international transactions. The company, which does not offer foreign currency trading, handles more than 50 currencies. Currently, with 100 employees, it expects transaction volume to exceed $7 billion Australian dollars this year (or about $6.8 million).

It is profitable.