Leon Spencer ZD Net for writes: Summary: A public listing in the United States is on the cards for New Zealand cloud accounting provider Xero, with chairman Chris Liddell today telling investors that listing on a US exchange would be a "logical step" for the company.
Xero's chairman Chris Liddell told investors today that listing publicly in the United States would be a "logical step" for the New Zealand-based cloud accounting provider as it works to broaden its international reach beyond Australia, the United Kingdom, and its home country.
"As our business continues to develop, a logical step for Xero would see us list on a US exchange," said Liddell in his presentation (PDF) at the company's annual general meeting in Wellington today.
"While this will be dependent on internal and external conditions at the time, this would be a significant milestone in becoming a truly global company. We should all be proud that Xero, as a New Zealand company, is playing on the international stage at this level," he said.
Meanwhile, Xero chief executive Rod Drury's AGM presentation documents (PDF) highlighted a three-phase strategy to expand its brand and services in the US over the course of 2015.
Drury said that, while it is early in the 2015 fiscal year, the company is forecasting subscription revenue growth of approximately 80 percent for the year, and is also expecting to pass through US$100 million in annualise committed monthly revenue, which would position the company for US listing "when the timing is deemed right".
According to Drury's AGM presentation, Xero's plans for the coming year in the US include the completion of its US leadership team and the appointment of new US directors in its bid to expand in the country. [snip] The article continues @ ZDNet, click here to continue reading...
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