Xero is executing well in the United States, according to CEO Rod Drury, contending the only problems it has had stem from occasions it hired the wrong people. Thos were part of the remarks made by the head of the New Zealand-based cloud software company early this month in an interview with Radio Live after the company's stock hit a three year-low.
The shares were had dropped from an all-time high of $45 in March 2014 to $13 per share just before the interview. Drury repeated the company's position it has plenty cash and that it could operate for three years on its stash, without going public in the United States. But he also talked of raising $300 million "or so" in this country at some point.
Xero had originally hoped for an IPO here before its fiscal year ended March 31. Now, it says such an offering will not happen until after the year ends at the end of next march. However, Drury said the company will exceed the $100 million in revenue (U.S.) viewed as needed to have a successful offering.
Interviewer Andrew Patterson asked Drury about whether Xero was falling short in the U.S. "I don't know where this idea [comes from] that we are not executing well in the U.S.," Drury replied. "The only speed bumps we have had is when we haven't had the right people." The includes an North American CEO who lasted six months and a global CFO based in the U.S. who stayed eight weeks.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
