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XERO U.S. IPO AFTER MARCH Q 2016 Featured

Rod Drury, XeroXero has adjusted its schedule for going public in the United States. Originally, the New Zealand-based cloud software company said it would make the move before its year ended on March 31, 2015. In a presentation before the company's shareholders in its annual meeting, CEO Rod Drury said "timing will be dependent on internal and external factors and not before release of our FY16 results.

He also said the company expects subscription revenue for FY16 will exceed NZ $200 million—about $132 million U.S. That compares to roughly $81.5 million U.S. for the most recently ended fiscal year. The company also discussed American leadership, which has apparently had a change. The LinkedIn profile of Russell Fujioka, who joined in January,  says he is president of Xero, U.S., his title when he was hired, Drury's presentation calls him the managing director of Xero North America. One of the Drury's points was a statement that Xero had accomplished last year's goals that included a complete U.S. leadership team. His slide noted there were new U.S. directors, although those were not all spelled out. Drury also spoke of having "Global Management Focused on the U.S."

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