Forbes has ranked Xero top in its list of 100 Most Innovative Growth Companies, with the Kiwi cloud company outdoing big names like Netsuite, Asos, Gartner and Stratasys.

The list reveals each company’s five year average sales growth percentage (Xero’s was 210 percent), five year average net income growth (which it has yet to achieve), enterprise value ($4.4 billion) and innovation premium (92 percent).

The innovation premium measures how much investors have bid up the company’s stock price above its existing business value, based on expectations of future innovative results from new products, services and markets.

Members of the list have a market cap of less than $10 billion, spend at least one percent of their asset base on R&D and have seven years of public data.