It 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.
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