Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.