UPDATED: Added Sky Business video below
On top of the huge momentum we have both globally and in Australasia at the moment, it’s fantastic to be able to advise that Xero shares are now tradable on the ASX. With this dual listing the same pool of shares are available across both the ASX and NZX.
This is a huge milestone for the company and recognises how important Australia is to the company’s aspirations. We love it when our partners and clients, who have invested so much of their own time and energy into Xero, become shareholders.
Note we haven’t taken this opportunity to raise more capital as we have raised more than NZ$85 million previously. Xero’s IPO on the NZX back in June 2007 raised NZ$15 million and subsequently MYOB co-founder Craig Winkler and Paypal founder Peter Thiel both invested.
We’ve talked before about the progress of Xero in Australia. Here is an interview with Sky Business from Wednesday looking at the competitive environment and the ASX listing.
The recent operating update showed the number of paying customers here tripling to 32,500. Clearly the integrated payroll, and the support of the growing number of accounting and bookkeeping partners that we saw at Xerocon in July is paying off and new features such as the planned electronic tax filing with the ATO will only drive it further.
Behind the scenes we’ve been investing in more capability to handle further growth. As well as application and operating infrastructure, we’re closing in on 300 staff across Australia, New Zealand, UK and US. We are expecting to have 60 staff in Australia by Christmas and will have a brand new larger office space for our Australian HQ in Melbourne.
With the ASX listing we’ve taken another significant step in building our organisation while making it easier for more people to become Xero shareholders.