Xero On Way To Wales To Win UK Business Passport

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Xero On Way To Wales To Win UK Business Passport

Auckland, 24 April 2007 – International Business Wales today announced leading web-based accounting provider Xero as the finalist winner to represent New Zealand in the worldwide Technium Challenge.

Xero beat three other New Zealand technology companies and will now go on to compete with companies from Australia, China, France and South Africa in the final leg of the competition to be held in Cardiff in May.

Technium UK and International Business Wales (IBW), a part of the Welsh Assembly Government, is giving one high-growth technology company a UK business passport which will enable them to open an office in Wales and reach the lucrative European and UK markets.

Rhodri Jones, representing Technium UK (on behalf of International Business Wales) says the standard of the New Zealand competition was excellent and the quality of the presentations was uniformly very high.

“We were impressed with the very high standard of the presentations of the four finalist companies but Xero clearly stood out from the rest in terms of their business proposition for expansion into the UK market, their exciting web-based and real-time collaborative accounting solution, as well as the overall strength of their management team”

Gareth Davies, Head of International Business Wales says that entrants taking the Technium Challenge will also receive benefits at every step of the way.

“With free office space in a Technium centre and valuable business advice, the winning company can invest their finances and energies into growing their business rather than struggling with new overheads and understanding an unfamiliar market,” Davies says.

Xero will go to Wales to represent New Zealand and compete for the overall prize in the Technium Challenge which is worth over $120,000 including legal, marketing and business advice, capital raising, personnel and manufacture sourcing, ongoing guidance and more.

Rod Drury, CEO of Xero says the Company is delighted to be given the opportunity to compete on behalf of New Zealand for the programme offered by Technium UK and International Business Wales.

“Winning the Technium Challenge would provide a great platform for Xero going into the UK market, and bring fantastic opportunities for the Company. We would be able to draw upon the expertise of Technium’s public and private sector partners and wider stakeholder network, which would help take Xero to the next steps toward global expansion.”

Xero, together with Explorer Graphics, Assetta and Tripshare presented their business cases yesterday to well known business columnist and journalist Rod Oram and EY Entrepreneur of the Year and serial entrepreneur Chris Jones (founder of Argent Networks, Director of Phitek Systems, partner in Pioneer Capital), who sat on the judging panel with Rhodri Jones, representing Technium UK.

Rod Drury and Xero will join the winners from the other four countries travelling on an all-inclusive business class trip via Air New Zealand to Wales on 21 May for one week to complete the last stage of the Challenge and find out whether or not they have won.

ENDS

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