Xero Ranks Among NZ Tech Growth Leaders
Investment Service Company Technology Investment Network (TIN) unveiled this year’s list of New Zealand top export tech businesses with the highest growth at an event held at Ernst & Young (EY) in Auckland on 9 September.
NZ Accounting Software Xero moved up a notch as it ranked third in the EY Ten Companies to Watch from the 2015 TIN100 Report under the ICT/Financial Services Technology sector. This 11th Edition of the annual report, due to be released on 28 October, will contain exclusive trend data and content showcasing NZ’s top technology exporters in the fields of High-Tech Manufacturing, ICT and Biotechnology.
“Growth is returning to pre-GFC levels buoyed by a declining NZ dollar and a strong US economy,” said Greg Shanahan, Managing Director of TIN. He added, “Our largest companies, particularly some of our more established manufacturers are benefiting from this. Meanwhile, some of our fast growth ICT companies are starting to hit scale.”
The list of 20 companies were separated into two group lists: the first one is the 2015 EY Ten Companies to Watch which represents the TIN100 companies who achieved the highest dollar value increase in revenue in the past year. Included are companies who have provided revenue figures ($14M to $1B), and achieved a minimum growth of 5%. The group growth was $378m (+12.5%). The award winners were presented by Jon Hooper, Assurance Partner in the EY Auckland Office.
Xero has experienced exceptional growth over the past couple of years. In FY2015, operating revenue improved 77 % to $123.9 million. Paying customers reached 475,000 at 31 March 2015, up by 67% from the previous year. It now has more than 540,000 customers globally. As a result, Xero recently topped the list of Forbes Most Innovative Growth Company for the second year running while being up with international companies.
Meanwhile, the second group comprises the 2015 ASB Hot Emerging Companies, which represents the TIN100+ companies who achieved the highest dollar value increase in revenue in the past year. This group includes companies who have provided revenue figures ($3m-$14m) and achieved a minimum growth of 5%. The group growth was $32m (+80%).
Also, this list was dominated by ICT companies, which accounted for 7 out of the 10 top performers. Six companies are new to the list, compared with only three for the EY Ten companies to Watch. The award winners were presented by Steve Jurkovich, Executive General Manager – Corporate, Commercial and Rural at ASB Bank.
“The two lists demonstrate the health of the sector with well-known large companies doing well, but also a fresh supply of unknowns coming through the ranks,” said Shanahan.
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