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The New Zealand based Xero provides accounting software . Its cloud-based solutions are intended for use by SMEs , funded by its Software-as-a-Service ( SaaS ) model . Founded in 2006 by entrepreneur Rod Drury , the company went public in New Zealand in 2007 , before listing on the Australian Securities Exchange in 2012 and delisting from the NZX in 2018 . Drury stepped down as CEO in 2018 , selling shares but retaining a 13 % stake in the company and remaining as a non-executive director .

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