Xero cracks the billion dollar mark

It may not be profitable just yet, but cloud accounting firm Xero has become New Zealand's latest billion dollar company.

xero billion dollar capitalisationIt may not be profitable just yet, but cloud accounting firm Xero has become New Zealand's latest billion dollar company.

Its stock hit a new record of $8.60 yesterday, giving Xero a market capitalisation of just over $1 billion.

The company has more than 100,000 customers and aims to increase that to a million.

In June, Xero entered the NZX50 for the first time.

And in December, investors US-based Valar Ventures and Matrix Capital Management both increased their stakes in Xero.