Xero hits record after new hire

04:37, Jan 15 2014

Xero shares have risen almost 7 per cent to a record high of $42.70 during late trading on the NZX, valuing the software firm at more than $5.4 billion.

Only Fletcher Building, with a market value of $6.2b, is worth more.

Xero's previous high was $41.50, which it hit during intraday trading in November, but it has never closed above $40.

Xero said today that Chorus sales and marketing boss Victoria Crone would take up a sales role with Xero as managing director of the cloud software firm's New Zealand business.

Crone spent 15 years at Telecom before joining Chorus in 2011. She masterminded the Gigatown broadband competition in which Chorus is offering gigabit-broadband to one New Zealand town.

Xero said Crone would join the company in April as a key member of its global sales leadership team.

It said its workforce had grown by 90 over the past three months and now numbered more than 600.

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