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

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news