Xero (ASXA:XRO) today completed the consolidation of its listing on the ASX, with shares previously held on the NZX automatically transferred to the ASX. Trading in Xero shares will now occur exclusively on the ASX platform.
The move to the ASX follows its A$640 billion of transactions processed through the Xero platform in Australia, which the company says provides it with a “unique sample” of what’s happening in the economy.
Xero founder and chief executive Rod Drury said: “This is the start of the next chapter for Xero as we cement our position as the cloud accounting leader in Australia, New Zealand and the United Kingdom, and grow our business in key markets including the US, South East Asia and South Africa.
“The increased visibility we get on the ASX is already helping us showcase Xero as one of the leading growth companies in the Australian market at an exciting time as we evolve from a cloud accounting solution into a global small business platform.”
According to Drury, since Xero launched in Australia in 2008, its platform has become a valuable source of insight into the Australian economy and, in the financial year to June 2017:
- $640 billion of transactions were processed through the Xero platform in Australia providing a unique sample of what’s happening in the economy;
- The Xero payroll service processed more than $35 billion of wages and salaries to more than 1.4 million Australians;
- In Australia, the Xero platform manages $40 billion of fixed assets value, providing future opportunities for asset financing, insurance and other financial services; and
- More than 500,000 Australian subscribers interact with more than 17 million Australian businesses and consumers online