Xero breaks through $2b mark

20:27, Jul 04 2013

Xero is worth only $32 million less than Sky Television after the market capitalisation of the cloud computing company crashed through the $2 billion barrier yesterday.

The company's shares closed up 74 cents or 4.4 per cent at $17.49, valuing the firm at $2.05b.

Chief executive Rod Drury's 18.5 per cent stake in Xero is now worth $379m.

Drury professed indifference to Xero's sharemarket value yesterday morning. First NZ Capital analyst James Schofield said he was not aware of any news behind yesterday's jump.

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