Xero mulls dual-listing on ASX, taps Silicon Valley for director
By Paul McBeth
July 26 (BusinessDesk) - Xero, the cloud-based accounting software firm, is considering a dual-listing on Australia's stock exchange, and has put forward a Silicon Valley software firm executive as the latest addition to its board of directors.
The Wellington-based company told shareholders at its annual meeting it is considering a dual-listing on the ASX "to make it easier for Australian partners and customers to purchase shares," it said in a statement to the NZX.
Xero proposed Craig Elliott, the co-founder and chief executive of cloud-network software firm Pertino Networks, be added to the company's board, according to presentation slides accompanying chairman Sam Knowles' address. Elliott is a strategic adviser to New Zealand Trade & Enterprise, spent a decade with Apple Inc in senior roles, and had previously run Packeteer, whose software aimed at improving network performance.
The Wellington-based company said it had identified a candidate for a US-based director, but was still looking for an Australian to join the board.
Xero told shareholders it added another 22,000 customers since the end of March, taking its total to 100,000. That gain helped increase its annualised committed monthly revenue to $34.5 million from $25.5 million at March 31.
The shares climbed 5.1 percent to $5.20 in trading today.