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A local technology company with global aspirations is well on the way to listing with the registration of its offer document with NZX this morning.
Xero, an online accounting system for small and medium sized businesses, was co-founded by Rod Drury, winner of the NZX Entrepreneur of the Year title at the 2006 Hi-Tech Awards and Hamish Edwards, Chairman of Openside, one of New Zealand 's fastest growing chartered accounting consulting firms.
Xero was founded after Drury and Edwards became exasperated at the lack of accounting solutions available for small and medium sized businesses (SMEs). SMEs make up a significant part of New Zealand economy, comprising more than 400,000 companies.
“Rod and the Xero team saw a need for technology of this type for a large sector of New Zealand business. The Xero team has chosen listing to fuel this stage of their growth phase and we look forward to welcoming them onto the NZSX and into the NZX SciTech Index in the near future,” said NZX Head of Market Products Geoff Brown.
“New Zealand 's thriving Hi-Tech companies need access to capital to grow and to tap into the local and global market opportunities that are available to them.
“Xero is the first of a number of technology companies that have indicated their intention to become part of our markets, offering New Zealand investors the opportunity to participate in their future growth,” said Brown.
Xero's Initial Public Offering will close on 30 May 2007.
