Story image

Xero climbs into ASX100 as Vocus Group dropped

09 Mar 18

S&P Dow Jones Indices announced today the changes in the S&P/ASX indices, effective at the open of trading on March 19, 2018 as a result of the March quarterly review.

At this rebalance, the entire S&P/ASX index hierarchy is reviewed, including the All Ordinaries.

The rebalance saw New Zealand cloud accounting software Xero added to the ASX100 and telecommunications company Vocus Group being removed.

Xero chief operating and financial officer Sankar Narayan says, “We’re pleased about Xero’s inclusion in the S&P/ASX 100 index and with the positive support we’ve received following our consolidation on the ASX.

“This is another key step in our journey as we continue to broaden our shareholder base and deliver on our long-term strategy to drive diversified global growth.”

Late last year, Xero exited the NZX without warning, sending a shock through the stock market.

Xero founder and then-CEO Rod Drury said the decision was made following an extensive strategic process which thoroughly canvassed all available options.

“Xero is an ambitious New Zealand company. We will remain headquartered in Wellington and domiciled in New Zealand."

He added that 80% of Xero’s revenue now comes from outside New Zealand, and the company’s strategy is to drive further growth in markets like UK, North America and Southeast Asia.

Despite exiting the NZX, Xero has remained invested in the growth of its New Zealand presence.

It recently opened its biggest office globally in Wellington and announced that it would be consolidating its Auckland offices in one building in Auckland's Parnell suburb.

Xero’s latest surprise move was founder Rod Drury’s resignation and the appointment of Steve Vamos in the position of chief executive officer.

Drury said it was time for Xero to transition from a founder-led company to a business with worldwide scale.

He will remain as a non-executive director in the company to drive innovation in the company. 

Commerce Commission report shows fibre is hot on the heels of copper
The report shows that as of 30 September 2018 there were 668,850 households and businesses connected to fibre, an increase of 45% from 2017.
Dr Ryan Ko steps down as head of Cybersecurity Researchers of Waikato
Dr Ko is off to Australia to become the University of Queensland’s UQ Cyber Security chair and director.
Businesses in APAC are ahead of the global digital transformation game
“And it’s more about people and culture - about change management - along with investing in the technology.”
HubSpot announces fund for 'customer first' startups
HubSpot is pouring US$30 million (NZ$40 million) into a new fund to support startups that demonstrate ‘customer first’ approach of not only growing bigger, but growing better.
Mac malware on WatchGuard’s top ten list for first time
The report is based on data from active WatchGuard Firebox unified threat management appliances and covers the major malware campaigns.
LearnCoach closes $1.5m seed round
The tutorials are designed for students who want to learn NCEA subjects but can’t make it to a physical classroom.
Bin 'em: Those bomb threat emails are complete hoaxes
A worldwide spate of spam emails claiming there is a bomb in the recipient’s building is almost certainly a hoax.
Marriott sets up call centres to answer questions on data breach
Marriott has released an update on the breach of the Starwood guest reservation data breach which affected 500 million guests.