Monday, 18 February 2019

Announcement

GENERAL: XRO: Xero invests in company developing tax lodgement system

29 Sep 2010 12:45NZX
29 September 2010

Online accounting software provider Xero (XRO) announced today it has made a
small investment in Max Solutions Limited, the developer of online job
costing software WorkflowMax.

Max Solutions was formed in 2007 by business partners Gavin George and Chris
Spence, with the primary aim of building a job management solution that''s
delivered over the Internet. In 2008 WorkflowMax was released and today is
used by hundreds of businesses spread across a wide range of industries, all
over the world.

Xero will invest $200,000 for a 15.9% stake in Max Solutions. The investment
is to help Max Solutions fund the development of a tax lodgement system.

This tax lodgement system forms part of an initiative by Xero to bring
together a suite of ''best of breed'' solutions for accounting practices so
they can run their businesses entirely in the Cloud, and no longer have the
expense and management of in-house servers. The suite includes other services
such as document management, practice management, accounts preparation,
eMarketing and website design and content management.

Xero CEO Rod Drury says while Xero could have developed the tax lodgement
system itself, this functionality is quite specific to New Zealand and sits
closer to the WorkflowMax product.

"We''ve decided Xero would be better to focus its resources on its
international markets and make this investment in Max Solutions so it can
grow its team in New Zealand."

For more information contact:

Rod Drury
Xero CEO
rod.drury@xero.com
+64 21 457 012

About Xero

Xero is an easy to use online accounting system for small business and their
advisors. The company has customers in more than 50 countries and sales teams
in Australia, the UK and New Zealand. www.xero.com
End CA:00200390 For:XRO    Type:GENERAL    Time:2010-09-29 12:45:33
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