Xero has beaten some serious global contenders to again top Forbes’ list of the 100 Most Innovative Growth Companies.
Xero was founded in New Zealand in 2006 with a Software as a Service business model. Their cloud-based accounting software is targeted to small businesses who want to improve their productivity, monitor performance, and plan ahead.
Performance in the Forbes list is related to investors, in that a company’s ranking reflects the difference between its market capitalization and the net present value of its cash flows. Overall, it acknowledges companies that investors expect to be innovative today and into the future.
Other firms making this year’s top 10 include online fashion provider ASOS and medical device developer DexCom. Previous highly ranked businesses include Dropbox, Amazon.com and Unilever, putting Xero in good company.
“It’s awesome to be recognised,” says CEO Rod Drury. “More importantly, it’s yet another acknowledgement that we are building a truly innovative, competitive, global company with a strategy that will disrupt the incumbents and create enormous value.”
Xero expects to maintain a strong growth rate due to its large addressable market size.
Also on the list is Australian job-listing site Seek, coming in at number 14. They have expanded globally by acquiring interests in employment websites covering areas including Asia and South America. Through this, Seek has grown their exposure to 2.5 billion people and over 20 per cent of global GDP.
We also make special mention of biotech MorphoSys at number 69 on the list, due to their CEO and founder, New Zealander Simon Moroney.
By Emma Armitage, Business Analyst, BioPacific Partners