Xero Oz revenues grow fivefold

Summary: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.

Topics: Cloud, Enterprise Software

About

Suzanne Tindal cut her teeth at ZDNet.com.au as the site's telecommunications reporter, a role that saw her break some of the biggest stories associated with the National Broadband Network process. She then turned her attention to all matters in government and corporate ICT circles. Now she's taking on the whole gamut as news editor for t... Full Bio

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