Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Xero adds 23k customers since December

Xero adds 23k customers since December, expects to double annual sales

Feb. 7 (BusinessDesk) - Xero, the cloud-based accounting software firm, added more than 23,000 customers to its client list since December and says it's on track to double last year's $19.3 million in annual revenue.

The Wellington-based company has more than 135,000 customers and monthly recurring revenue of almost $4 million, it said in a statement. That implies annual sales of some $48 million. Some 5,000 of the new clients were in Australia, where Xero this week extended its range of products and faces increasing competition from incumbents MYOB and Reckon, which have both launched cloud-based services.

"2013 is looking very positive for Xero as we see the benefits of all the hard work in our early years," chief executive Rod Drury said. "It's very pleasing to see so much momentum in the business around the world."

Last year, Drury, co-founder Hamish Edwards and director Craig Winkler sold down part of their stakes in Xero to US tech investors Valar Ventures and Matrix Capital Management, which also injected $60 million of new capital.

The capital raise left Xero flush with cash, and it had $85 million at the end of December according to cash flow statements lodged with the ASX.

The company is loss-making at the moment as it looks to secure 1 million customers in a drive to capture global market share for the online, cloud-based business system.

The shares fell 2.7 percent to $6.84 in trading today.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

NZ's Space Programme: Rocket Lab Makes It To Space (But Not Orbit)

Electron lifted-off at 16:20 NZST from Rocket Lab Launch Complex 1 on the Mahia Peninsula in New Zealand. It was the first orbital-class rocket launched from from a private launch site in the world. More>>

ALSO:

Earlier:

Budget: Irrigate (Good Times, Come On!)

Additional grant funding of $26.7 million over the next three years plus a capital boost of $63 million towards irrigation investments in Budget 2017 will deliver economic and environmental benefits through better use of water... More>>

ALSO:

Silver Fern Farms: Proposal To Close Fairton Sheepmeat Plant

Silver Fern Farms has advised its people of the proposal to permanently close the site, and has discussed potential transfer options to its other sites in the region as part of the consultation process...
More>>

ALSO:

MPI: Myrtle Rust Appears In Taranaki

The nursery in Waitara (just north of New Plymouth) reported suspected myrtle rust symptoms on young plants to the Ministry’s 0800 number yesterday (Tuesday). More>>

ALSO: