Monday, 05 February 2018 11:01

Xero exits NZ securities exchange, opts for sole ASX listing Featured

By
Rod Drury, Xero CEO and founder Rod Drury, Xero CEO and founder

New Zealand accounting software provider Xero has abandoned its home securities exchange, the NZX, and is now solely listed on the Australian Securities Exchange.

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.

“Xero’s sole ASX listing aggregates our liquidity in a single, larger capital market and gets us on the radar of larger Australian and global growth investors, further aligning our shareholder base to the growth aspirations of our business.

“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

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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