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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Sweet Health: Sugary Drinks Banned From Hospitals And Health Boards

All hospitals and DHBs are expected to kick sugary drinks out of their premises. University of Auckland researcher, Dr Gerhard Sundborn who also heads public health advocacy group “FIZZ”, says he welcomes the initiative. More>>


NASA: Evidence Of Liquid Water On Today's Mars

Using an imaging spectrometer on MRO, researchers detected signatures of hydrated minerals on slopes where mysterious streaks are seen on the Red Planet. These darkish streaks appear to ebb and flow over time. More>>


Bird Brains: Robins Can Just Be Generally Clever

Research from Victoria University of Wellington has revealed that birds may possess a ‘general intelligence’ similar to humans, with some individuals able to excel in multiple cognitive tests. More>>


Psa-V: Positive Result On Whangarei Kiwifruit Orchard

Kiwifruit Vine Health (KVH) has received a Psa-V positive test result on Hort16A and male vines on a kiwifruit orchard in Whangarei. This is the first confirmed case of Psa-V on an orchard in the Whangarei region. More>>

Regional Accents: Are Microbes The Key To Geographical Differences In Wine?

A new study of six of New Zealand’s major wine-growing regions has found that differences in flavour and aroma of wine from different areas may depend more on microbes than was previously thought. More>>


Science: AgResearch To Cut Science Staff In Areas Of 'Reduced Demand'

“We are therefore consulting with our staff from today on a proposal to reduce science staff in areas of shrinking demand. Combined with recruitment planned in areas of growing demand, this would mean a net reduction of 15 scientists and 41 technicians at AgResearch in the 2015/16 year." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news