Australia leads the way for Xero

Australia leads the way for Xero

Kiwi company realises 124 per cent six-month growth YoY

Online accounting software vendor, Xero, has reported 124 per cent revenue growth in Australia for the six months ending September 30, 2013, compared to the same period a year ago.

With offices in Melbourne, Sydney, Canberra, Perth and Brisbane, Xero has grown its staff numbers to 100, with a dedicated development team working on Tax, with launch expected in June 2014 in time for the end of the financial year.

“With a major focus on growth supported to $200 million in the band and no debt, we are moving quickly on market share in the Australiasian market,” Xero managing director, Chris Ridd, said.

“Xero is in a stronger financial position that competitors in the Australasian market. We will continue to build a world class team and invest in our pure Cloud accounting software model.”

Last month, Xero announced it raised $180m in new capital which it said it will use to support global growth, and in particular, building its US-based team.

NZ-based investors account for $33m of the total, with the remaining $147m coming from US companies.

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