Xero shares top $4, despite rival launch

Last updated 05:00 31/03/2012

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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."

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