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XERO TO BUILD OUT FUNCTIONS
Xero says 2013 is a year in which it will broaden functionality in its online accounting software. In a prepared comment about recent rises in stock price, CEO Rod Drury told investors that, "In 2013 Xero expects to complete the breadth of functionality to fully compete with the incumbent desktop software providers while delivering significant new innovations. A key focus for the business for the year ahead is building out the global in-market teams."
In response to an email question, Drury expanded on that. The company will concentrate on functions from order to cash workflow so that means adding such features as purchase orders, quotes and simple stock (I'm assuming the last is the New Zealand term for inventory.) Drury said the goal is to be "a full competitor to the incumbents but with much more delight." Drury's prepared remarks also ruled out a stock offering in the United States anytime soon. While he said an American listing is the goal of any company with worldwide aspirations, Xero has been advised it would not make sense until the company achieves revenue of at least $100 million. Double the company's first half revenue and it would only have $28 million, although growth has clearly accelerated beyond that level.
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