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

 


Xero reaches 147,000 Australian customers

Xero reaches 147,000 Australian customers, will offer free trial through Telstra

By Suze Metherell

Aug. 22 (BusinessDesk) - Xero, the cloud-based accounting software, says it has more than 147,000 paying customers in Australia and plans a free trial offer of its service through Australia's largest telecommunications provider, Telstra.

The Wellington-based company had 109,000 Australian customers at March 31, as well as 5,328 current partners, according to chief executive Rod Drury's annual general meeting presentation to shareholders in July. The company is pushing to take market share of small business accounting in New Zealand and across the Tasman, where it has had the advantage of early adoption.

To sign up further Australian customers Xero will offer a free six-month trial of its online accounting software through its partner, Telstra. The company has also secured a partnership with CGU, a subsidiary of Australia's largest general insurer, IAG, to help calculate insurance premiums for workers' compensation.

Xero's ultimate goal is a million global customers, and it is targeting growth in the US where it sees the potential to take market share of an estimate 29 million small to medium sized business owners. According to Drury's July presentation Xero had 18,000 customers in North America at March 31.

Globally tech stocks have pared gains made early in the year as investors questioned high valuations relative to earnings. Xero's own shares recently traded down 0.5 percent to $23.40 and have fallen some 48 percent from their March record of $44.99 as analysts weigh the company's stock price against its ambitious US plans and the ability to take market share from incumbent Intuit.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news