Xero Oz revenues grow fivefold

Xero has seen its Australian revenues rise from $283,000 to $1.5 million over the year to 31 March 2011.

Xero has seen its Australian revenues rise from $283,000 to $1.5 million over the year to 31 March 2011.

In this period, the company has not only opened its Australian operations in Melbourne, but has also hired six staff, bringing its Australian headcount to 14.

The company also appointed an Australian managing director in February, Chris Ridd, who said that the company will continue to hire over the next few months, bringing its numbers to 20.

Ridd said that the growth wasn't coming completely at the expense of Australian-owned rival MYOB, saying that nearly 50 per cent of Xero's new customers had never used an accounting system at all. Xero's software-as-a-service offering made it easier for small businesses to adopt, according to Ridd.

MYOB came to the cloud a little late, introducing LiveAccounts last year, but had to roll out its hybrid cloud product, which integrates its traditional software product with a cloud product, during the tax season.

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