New Zealand-based software-as-a-service (SaaS) provider Xero has been officially listed on the ASX today with the initials XRO in order to make it easier for Australian investors to purchase Xero shares.
The company has been listed on the NZSX since June 2007 and under the dual listing the same pool of shares will be available across the two stock exchanges.
Xero currently has 32,500 paying Australian customers due to an integrated payroll software release and increase in accounting and bookkeeping partners.
According to the company’s managing director in Australia, Chris Ridd, the planned development of electronic tax filing with the ATO will provide further impetus for new Australian partners to start using its services.
In addition, Xero plans to move into new premises in Melbourne in December. It also has offices in Sydney, Canberra, Brisbane and Perth and, according to Ridd, expects to have 60 staff across these offices by Christmas this year.
Speaking to Computerworld Australia, Ridd said the company currently has 50 staff in Australia.
“We are hired in a range of roles including sales, customer care and building out our development team,” he said.
“We develop our payroll product, PayCycle, out of Canberra and we’re also building a development team in Melbourne. That team is focused on developing the electronic tax filing system which we will start to release in stages over the next couple of years.”
According to a recent operating update, Xero’s first half operating revenue to 30 September 2012 is expected to exceed NZ$16.7 million (AU$13.1 million) in revenues. This is compared to NZ$7.9 million (AU$6.2 million) for the corresponding period last year.
Total paying customer numbers across New Zealand, Australia, the United Kingdom and the United States have also more than doubled to 111,800 as at 30 September 2012 compared to 51,300 for the same period in 2011.
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