XRO
07/02/2013 16:36
GENERAL
REL: 1636 HRS Xero Limited
GENERAL: XRO: Xero passes 135,000 customers, on track to double revenue
MARKET RELEASE
Xero passes 135,000 customers, on track to double revenue
7 February 2013
Online accounting software company Xero (XRO) announces that global paying
customers now exceed 135,000, with monthly recurring revenue at almost
NZ$4million. Heading into the main selling season for accounting software,
the company is on target to double revenue for the full year to 31 March
2013.
Australia is spearheading growth with customer numbers climbing from 16,000
at the end of March 2012 to over 40,000 today. This week Xero raised the
stakes again, launching Accountant Reporting features into Australia,
bringing accounting practice and customers' systems onto the same platform.
"This fundamentally changes the economics of the Australian accounting
industry. Delivering client and accountant features on the same platform
makes it difficult for Xero's competitors to continue to monetise the
accountant side," says CEO Rod Drury.
Momentum is building further with over 3,200 accountants and bookkeepers
registered to attend a 15 city Australia-wide roadshow to see the latest
product features. Australian staff numbers have increased to 60, with staff
in Melbourne, Sydney, Canberra, Brisbane and Perth. A new Australian HQ was
recently opened in Melbourne.
Xero's global staff numbers are being increased to support and drive growth
and are expected to exceed 400 by 31 March. The company is moving from its
shared office space in San Francisco to its own office, providing a greatly
enhanced environment. Additional office space is also being negotiated in
both Wellington and Auckland as the NZ team heads toward an anticipated 260
staff by the end of March.
"2013 is looking very positive for Xero as we see the benefits of the all the
hard work in our early years. It's very pleasing to see so much momentum in
the business around the world" says Drury.
Behind the scenes, Xero has invested significantly in the capacity and
resilience of its delivery platform. In January the company undertook
migration to a new primary infrastructure based in Chicago and took the
opportunity to upgrade the server software base to Microsoft SQL Server 2012.
This six month project, undertaken by the company's internal Operations team
along with the company's key data centre partner Rackspace, was delivered
without any unplanned disruption to users.
As well as providing cloud solutions, Xero's internal IT operations are now
almost fully driven on cloud applications. The company has migrated to Office
365 Live - Microsoft's cloud office productivity suite, adding to extensive
use of cloud software such as Yammer, Box, Smartsheet, Jira, GotoAssist and
soon Okta.
"Xero continues to invest astutely in world-class infrastructure, software
and services, as well as hiring the best possible people, as we drive towards
our target of 1 million customers," says Drury.
ENDS
For more information contact:
Rod Drury Ross Jenkins
Xero Chief Executive Xero CFO
[email protected] [email protected]
+64 27 6000 007 +64 21 963 909
About Xero
Xero provides beautiful, easy to use online accounting software for small
businesses and their advisors. The company has over 100,000 paying customers
and 200,000 users in more than 100 countries around the world. The company is
listed on the NZX and ASX.
See http://xero.com
End CA:00232722 For:XRO Type:GENERAL Time:2013-02-07 16:36:56
