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Updated: Xero goes on hiring spree

Updated: Xero goes on hiring spree

Plans to create about 200 jobs by March next year

ASX and NZX-listed online accounting software vendor, Xero (ASX:XRO), is on an aggressive recruitment drive, expecting to create about 200 jobs by the end of March next year.

So far, the software vendor has hired about 100 staff in the past three months, taking employee figures to nearly 500.

The vendor stated it was looking to add more development and operation skills to the force.

Xero managing director, Chris Ridd, said the business was growing exponentially.

“We’re signing up more than 300 new customers every business day and that is what’s driving this. It’s pure growth of the business and that means we need to continue to invest and take advantage of the market opportunity,” Ridd said.

Australia is the fastest growing geography for the New Zealand-based company, Ridd said.

“A lot of our development is based in New Zealand, but the sort of roles we’re hiring are across the board,” he said. “We’ve also hired a lot of developers and in Australia we’re building payroll now with a Canberra-based team, and an online tax product, which we’re in the last phase of bringing out.”

The vendor recently hired Jeremy Wood as its new head of global marketing and appointed Duncan Ritchie as its chief platform officer (CPO).

Prior to joining Xero, Wood worked for Google since 2005 and was most recently its head of SMB co-marketing Americas.

Ritchie was previously the vendor’s general manager of operations, managing IT and operations team. His newly created role as CPO was created to manage the vendor’s rapid growth. This function was previously managed by the COO.

Ritchie’s responsibilities involve the design, development, operations and support of its online accounting software with global teams. Prior to joining Xero, he worked for Gen-i.

In the past few months, Xero has managed to double its market capitalisation becoming a $NZ2 billion company.

Shares were up 3.9 per cent to $NZ17.40 on July 4, becoming the 11th biggest company on the New Zealand stock exchange.

The vendor's CEO, Rod Drury, is still the biggest shareholder maintaining a 19 per cent stake worth about $NZ387.6 million.


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