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

 


Xero cracks quarter-million customers

Xero cracks quarter-million customers

By Paul McBeth

Feb. 20 (BusinessDesk) - Xero, the cloud accounting software developer, reached a quarter of a million customers at the end of January, almost doubling its paying clients from the same time a year ago.

The Wellington-based company attracted its 250,000th customer in January, adding 50,000 customers since August, and taking it a quarter of the way to its target of one million clients. That implies Xero has annualised recurring revenue of $83.5 million, based on its last published revenue figure of $70.6 million as at Sept. 30.

The company has previously said it was on track to boost annual revenue by more than 80 percent, which would take sales beyond $70.2 million for the year ending March 31 from $39 million a year earlier.

“Now with a quarter of a million customers globally, and with the Australian market fast approaching 100,000 customers, we are gaining real momentum,” chief executive Rod Drury said in a statement ahead of the company’s annual conference, in Auckland. “The results we have achieved over the last year are testament to the innovation of the product development team, which is working hard to build the features enabling us to target all small businesses in our core markets, as well as the wider teams in US, Australia, the UK and here in New Zealand.”

Last week Xero appointed former Microsoft chief financial officer Chris Liddell as its new chairman and ex-PayPal executive Peter Karpas to lead its North American unit. US-based Bill Veghte, who runs HP’s enterprise group, has also been appointed to the company’s board.

The shares were last at $39.60, and have climbed 23 percent this year.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news