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Analyst Briefing Xero Limited - NZX

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Market observations<br />

Our prediction is playing out<br />

“Start-ups”<br />

“Nimble, funded, global”<br />

“Incumbents”<br />

Start-ups don’t have<br />

resources to be successful<br />

in this market<br />

Category now requires<br />

client+accountant software<br />

Massive platform<br />

investment required<br />

Expected<br />

competitors have not<br />

emerged<br />

No one else has<br />

significant funding<br />

Incumbents<br />

(MYOB, Sage, Intuit) have<br />

finally entered market<br />

with less competitive<br />

products and<br />

architectural legacy<br />

<strong>Xero</strong> acknowledged as<br />

leading challenger<br />

18

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