Images: Xero Wins International Technium Challenge

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XERO WINS INTERNATIONAL TECHNIUM CHALLENGE

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Xero founder Rod Drury

Auckland, 25 May 2007 – International Business Wales and Technium UK today announced that New Zealand technology company Xero, a leading web-based accounting provider, as the winner of the International Technium Challenge.

The International Technium Challenge is a worldwide high profile business planning competition to identify and support innovative businesses with growth potential. The global competition is organised each year by International Business Wales (IBW) and Technium UK, and will give Xero a UK business passport to open an office in Wales establishing a beachhead into the lucrative European market.

In addition to office space in a Technium business innovation and incubation centre in Wales, Xero will also receive an impressive business support package worth over NZD$120,000 in legal, marketing and business advice, capital raising, personnel / manufacture sourcing, ongoing guidance and more.

Xero beat 19 international company entries including finalists from China and South Africa who joined Xero in the final leg of the worldwide challenge which was held as part of a week long Learning Journey in Wales. Xero, Fudan GrandHorizon (China), and I-Slices Innovations (South Africa) presented their business cases to the Technium UK judging panel which comprised patent attorneys, solicitors, and management consultants to the University of Wales Newport Business School.

At the Awards ceremony at the Marriott Hotel Swansea the Technium Challenge trophy was presented by the Welsh Assembly Government’s Director for Technology & Innovation, Virginia Chambers to Rod Drury, CEO of Xero who has been the driving force behind the company’s development. In 2006 Rod Drury was named as New Zealand’s PWC Entrepreneur of the Year.

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L to R: Virginia Chambers, Director Technology & Innovation, Welsh Assembly Government - Rod Drury, Xero.com, Wellington, New Zealand, (Technium Challenge International Winner) - Jamie Owen, BBC Wales TV & Radio Presenter.

Technium Director Steve Davies congratulated Xero on their win in the international competition.

“Xero stood out from the beginning, especially in terms of their business proposition for expansion into the UK market. Rod and the Xero team will now be able to utilise one of Wales’ 10 advanced Technium centres where they can take advantage of a range of specialist knowledge, collaborate with a cluster of other software companies in the Technium community, as well as support to help build their success in the UK market.”

International Business Wales Vice President for New Zealand Rhodri Jones reiterated that Xero is a great example of a Kiwi company taking up the challenge of the global economy.

“Xero is a great example of a company leveraging a superb new business software model firmly anchored in New Zealand but looking to access and scale itself in global markets as a key to success – that is exactly the sort of company that IBW can assist in the UK market,” says Jones.

Rod Drury, CEO of Xero says the Company is thrilled to have won the programme offered by Technium UK and IBW.

“I’ve been incredibly impressed with how IBW has taken an integrated and coordinated approach to attracting and supporting new businesses into the UK market. We look forward to taking full advantage of the support provided by the Technium UK business passport programme to take Xero global.”

Consequently, Drury also says that winning the International Technium challenge will help accelerate Xero’s entry into the UK markets.

“Winning this international event is an important validation of the Xero opportunity in the UK and will allow us to gain valuable insights into their extensive SMB accounting market. The Technium Challenge programme will also give Xero a fantastic platform from which to enter the European market.”

ENDS

About Technium

The Technium concept was initiated by the Welsh Assembly Government to drive forward enterprise and innovation in Wales, and has resulted in a network of innovation centres in Wales supporting dynamic technology businesses across different industry sectors. To date, the scheme has supported 139 UK companies, and is now expanding to help international businesses.

For more information please visit www.technium.co.uk

About International Business Wales

Formerly known as the Welsh Development Agency, International Business Wales (IBW) is the only UK agency with a permanent presence in New Zealand with consultants in Auckland. It has helped nearly 500 international companies base their operations in Wales including Sony, Toyota, Airbus, HSBC, Mitel, Sharp, Logica CMG, IBM, Unilever and Australian icons such as Macquarie, Sims Group and BHP Billiton.

IBW is Europe’s most successful economic development body with a global network of 23 offices. First it helps companies set up operations then provides ongoing support for selling products into new markets.

For more information please visit www.ibwales.com

About Xero

The Xero brainwave happened back in 2003 when Rod Drury and Hamish Edwards were working together building the award-winning software company AfterMail – Rod as chief executive and Hamish as the virtual CFO, running his own accounting practice.

In that moment, Xero was born. But it wasn’t until 2006, with growing internet access, advanced web development techniques and increasing acceptance of the internet, that the time was right to begin development. Drury set about hiring the best and brightest people and forming relationships with small and medium businesses and their advisors, to get direction on the features and design of Xero. They fused this with their own extensive knowledge of small and medium business – Rod having built numerous successful enterprises from scratch, while Hamish, a chartered accountant, has advised hundreds as a virtual CFO. Our goal remains to build a long-term global business from New Zealand, creating an environment that’s attractive to the country’s very best people. We’ve always said we wanted to revolutionise small and medium business, and that’s what we’re here to do.

For more information please visit www.xero.com

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