10,000

When we started this business we put the structure in place to grow a product to support tens of thousands of customers. So we are delighted to cross our 10,000 customer milestone in such a short time.

In advance of the Xero Annual Meeting this afternoon Xero wishes to provide the market with a short update of the Company’s progress.

Xero has now exceeded 10,000 paying customers, which amounts to ten-fold growth since March 2008. Crossing this threshold two years after the IPO is a significant milestone and positions Xero as one of the leading online accounting software providers in the world.

Following on from the successful launch of Xero through British Telecom in the United Kingdom this month, Xero is also now available on Telstra’s T-Suite platform in Australia. To support our presence in Australia Xero has established a sales team in Melbourne and Sydney.

Almost half of Xero customers reside outside New Zealand. Xero is proud to be a hi-tech exporter and an example of how New Zealand can participate in the global knowledge economy.

Xero is well positioned to continue its investment in growth following the successful capital raising of $NZ29m earlier this year. The Company remains focused on customer acquisition and growing monthly revenue, while managing costs according to its plan.

Our business is changing so quickly. In the beginning we were one on one selling, then one to many and over the last 2 years have evolved a scalable sales model and enablement processes. Writing cool software is great fun, but our challenge has been to create the other parts of the business to support full automation of processes to sell to this scale of market – while remaining personal. That is the challenge I’m enjoying.

So we are delighted it’s working. Maybe Xero wasn’t such a crazy idea after all.

5 Comments

Amusis
July 7, 2009 at 2:10 am

Congratulations on reaching the 10,000 customer milestone.

On the question of professional accounting advisers: the Annual Report template in Xero is still a NZ/AUD reporting template, even for UK companies. When do you plan to update this with a template based on UK company law/reporting, for use by UK customers?

Lucy Hempseed
July 7, 2009 at 6:02 am

Great news Xeroes; well-deserved recognition of everyone’s commitment to being the best.

Ben Kepes
July 7, 2009 at 10:32 am

Well done guys – an impressive result. And thanks for he cupcake, the beer, and the t-shirt at the AGM last night

Andrew Butel
July 7, 2009 at 10:59 am

@Amusis – we are planning to have the UK annual report ready in time for the end of the financial year.

In the meantime, there is a set of Abbreviated Accounts for UK customers and a number of UK accountants have reported that they are able to use the NZ reporting template with just a few text changes.

On Pricing, Demand and Critical Mass | CloudAve
August 8, 2009 at 2:36 am

[…] that two of the more successful SaaS accounting vendors in the UK should be assessed. The recently reported numbers from Xero make for interesting reading. With total paying customers of 10000, over half of which […]

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