Xero shares top $4, despite rival launch

Last updated 05:00 31/03/2012

Relevant offers

Industries

Queenstown's "exceptional circumstances" to attract Government funding ACC to shut Auckland and Wellington call centres, 87 staff affected More than 14,000 documents disclosed late in aborted final finance company trial Call for NZ 'Ministry for the Future' Fonterra lifts farmgate milk forecast on back of strong world dairy prices Chart of the day: Which age group dominates Marlborough? Augmented reality future, but not yet Media Take: Kiwis shouldn't be embarrassed about protesting - Miriama Kamo Tax cuts 'very important', but not top priority for most Kiwis Briscoe silent on Kathmandu, but says ASX listing would create 'opportunities'

Shares in Wellington software firm Xero have topped $4 for the first time, shrugging off Australian rival MYOB's launch of a rival product on Wednesday that MYOB believed could eat into Xero's market.

People who invested in Xero's 2007 float would now have quadrupled their money.

MYOB New Zealand general manager Julian Smith said it had integrated its cloud-based accounting package LiveAccounts with free payroll software.

Xero chief executive Rod Drury said he saw it as no threat. He said Xero had seen interest from American and Australian investors. "We are definitely on the radar."

Ad Feedback

- BusinessDay

Special offers

Featured Promotions

Sponsored Content