The Xero Limited [ASX: XRO] share price has seen a welcome boost today, on the back of appointing Steve Vamos as CEO in April 1 2018.
When the Markets opened today Xero share price was trading at $41.15. It climbed a peak of $42.61 per share today. It has since pulled back to $42.30 at time of writing, up 2.57% from the open.
The cloud-based accounting software company is emerging as one of the leading companies in a growing market in the Australia.
ASX listing starts new chapter for Xero
Xero has increased visibility on the ASX since its listing in 5 February this year. Before that, the company was listed on the New Zealand share market.
ASX listing has meant the company is showing up on the radar of more Australian and global investors. Xero has been cementing their position as the cloud accounting leader in Australia, New Zealand and the United kingdom.
Since its launch in 2008 it has seen strong and steady growth. It was ranked number one by Forbes as the world’s Most Innovative Growth Company for two years running, won Technology provider of the year for the British small business awards, and was rated by Canstar Blue as Australia’s best accounting software for three consecutive years, spanning 2015–2017.
Xero’s next move
The company’s stated aim is to continue to evolve from a cloud accounting solution into a global small business platform.
They have plans to expand their business in key markets such as the United Sates, South East Asia and South Africa.
In an announcement, Former CEO and Founder Rod Drury said:
‘Xero has recently achieved a number of key milestones: we’ve achieved positive EBITDA and operating cash flows, consolidated our listing on the ASX and built an exceptional leadership team. It’s now the right time for me to pass the baton to Steve, who has the experience to significantly expand Xero internationally.’
Drury continues to focus on innovation and strategy as a non-executive director of Xero.
For Money Morning
PS:Xero has seen steady growth for investors since early 2016. It remains to be seen whether they can continue such gains from here. But they aren’t the only growth opportunity on the ASX. Money Morningeditor Sam Volkering has identified what he believes are the best four stocks on the Aussie market right now. To find out what they are, download his FREE research report, right here.