BREAKING NEWS
Severe earthquake in Christchurch ... Read more
Close

Xero shares top $4, despite rival launch

Last updated 05:00 31/03/2012

Relevant offers

Industries

CFO Summit: Better Drinks Company CEO leading since he was six CFO Summit: Sustainability should work into businesses' core values Britain's The Independent newspaper to cease print editions Uncertainty surrounds Southland's Prime Range Meats as workers are sent home Buy this beach: What you need to know Backpackers in Marlborough not paid for vineyard work Inland Revenue close to revealing job cuts as BT programme proceeds apace BNZ seeks mortgagee sale of Abel Tasman beach owner's $1.6m Wellington home Waitangi weekend drew out the shoppers Reclusive rich-lister John Spencer was once NZ's richest man

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