Xero shares top $4, despite rival launch

Last updated 05:00 31/03/2012

Relevant offers

Industries

After Kirkcaldie & Stains move, Brierley moves on Smiths City NZ Post boosted by Kiwibank Countdown result outshines Australian owner Woolworths NZ dollar still low as NZX 50, US dollar and Wall Street strengthen MYOB says it's competing 'strongly' with Xero Kiwibank makes $127 million profit Bid to attract migrant workers to Canterbury Vector says changing customer habits and driving innovation Power shopping can yield big savings for your electricity bill PrimePort Timaru profits jump to $3.9 million

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