The shares rose 3.9 per cent to $NZ17.40 in morning trading – valuing the Wellington-based company at $NZ2.04 billion and adding to its 120 per cent jump this year. That makes it the 11th biggest company on the New Zealand stock exchange, leapfrogging online auction site Trade Me, which is valued at $NZ1.96 billion.
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Xero has attracted 157,000 customers, the bulk of which are in Australia and New Zealand, giving it annualised monthly revenue of about $NZ51.5m, or about $NZ328 per client.
The company is looking to reach one million paying clients, with about 350,000 in Australia and 360,000 in the US, according to Xero’s investor presentation in May.
Read more: http://www.smh.com.au/business/xero-value-cracks-nz2b-mark-20130704-2pd75.html#ixzz2Y2URcOy3
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