Xero Limited (ASX: XRO) has completed the consolidation of its listing on the Australian Securities Exchange (ASX) and trading in Xero shares will now occur exclusively on the ASX platform.
Xero Founder and CEO Rod Drury said: “This is the start of the next chapter for Xero as we cement our position as the cloud accounting leader in Australia, New Zealand and the United Kingdom, and grow our business in key markets including the United States, South East Asia and South Africa.
“Xero’s sole ASX listing aggregates our liquidity in a single, larger capital market and gets us on the radar of larger Australian and global growth investors, further aligning our shareholder base to the growth aspirations of our business.
“The increased visibility we get on the ASX is already helping us showcase Xero as one of the leading growth companies in the Australian market at an exciting time as we evolve from a cloud accounting solution into a global small business platform.”
Since Xero launched in Australia in 2008, Xero’s platform has become a valuable source of insight into the Australian economy. In the financial year to June 2017:
- AU$640 billion of transactions were processed through the Xero platform in Australia providing us with a unique sample of what’s happening in the economy
- The Xero payroll service processed over AU$35 billion of wages and salaries to more than 1.4 million Australians
- In Australia, the Xero platform manages AU$40 billion of fixed assets value, providing future opportunities for asset financing, insurance and other financial services
- Over 500,000 Australian subscribers interact with more than 17 million Australian businesses and consumers online
Xero shares previously listed on the New Zealand Stock Exchange (NZX) have been automatically transferred to the ASX and shareholders who held Xero shares on the NZX do not need to take any action.