Xero wins TUANZ innovation award

Recently listed accounting software company Xero Live has won the Telecom Users Association of New Zealand innovation of the year and commerce awards.

The company produces a web-based accounting software product aimed at small to medium-sized businesses.

Tuanz chief executive Ernie Newman said the judges had found Xero to be a world-class product.

Xero chief executive Rod Drury said he was delighted at the recognition at such an early stage in the company's life.

"It's exciting that the New Zealand telecommunications industry sees the potential of next generation services like Xero that are delivered over their networks," Mr Drury said.

The company raised $15 million in a share float earlier this year. It listed on the stock exchange in June with the $1 shares closing up 10c on the first day of trading.

They last traded yesterday at 84c, having ranged between $1.17 and 70c.

- NZPA