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Company type | Public |
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ISIN | NZXROE0001S2 |
Industry | Software as a service |
Founded | 2006 | in Wellington, New Zealand
Founders |
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Headquarters | |
Key people |
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Products | Accounting software |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 4,242 (2024) |
Website | Xero.com |
Footnotes / references [1] [2] [3] [4] [5] [6] |
Xero is a New Zealand–based technology company that provides cloud-based accounting software for small businesses. The company has offices in New Zealand, Australia, the United Kingdom, the United States, Canada, South Africa and Singapore. [7] [8] Xero's products are based on the software-as-a-service model and sold by subscription, based on the type and number of entities managed by the subscriber. [9] The products are used in over 180 countries. [10] [11]
In 2006, Xero was founded by Rod Drury and Hamish Edwards in Wellington, [12] [13] [14] where Xero Limited's headquarters are still located. [15] The company was originally called Accounting 2.0. [14]
By 2017, Xero had more than one million customers globally, [16] and the following year, it had more than one million subscribers in Australia and New Zealand. [17] In April 2018, Steve Vamos was appointed as CEO, replacing Rod Drury who remained on the board as a non-executive director until 2023. [18] Vamos announced in November 2022 that he would step down in February 2023 and be replaced by Sukhinder Singh Cassidy, a former executive of Google and StubHub. [19] [20]
In 2019, the company announced it had over two million global subscribers, [21] and three million subscribers in September 2021. [22]
In March 2023, Sukhinder Singh Cassidy, the CEO of Xero, announced the removal of 700-800 roles across Xero, representing approximately 15% of the employee base. [23] At this time, the company reportedly had more than 3.5 million subscribers and about 4,500 staff across offices in New Zealand, Australia, North America, the UK and southeast Asia. [24] The company announced it had finished its job cuts by November 2023, reducing headcount to 4,242 staff. [25]
The Xero accounting software uses a single unified ledger, which allows users to work in the same set of books regardless of location or operating system. [26] It provides automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting. [27]
In 2011 and 2012, the Xero Touch mobile apps for iOS and Android devices were released. [28]
In the 2019 financial year, Xero offered services relating to Making Tax Digital in the United Kingdom, [29] Single Touch Payroll in Australia, [30] and Payday Filing in New Zealand. [31]
Xero went public on the New Zealand Exchange on 5 June 2007, with a NZ$15 million IPO, gaining 15% on its first trading day. [32] It went public on the Australian Securities Exchange (ASX) on 8 November 2012. [2] [33]
Xero transitioned to a sole listing on the ASX on 5 February 2018, delisting from the NZX on 2 February 2018. [34] In September 2019, the market capitalisation of Xero on the ASX exceeded NZ$10 billion, and it was ranked as the third most valuable publicly listed New Zealand company. [35]
Xero has also received funding from various investors. In 2009, it received NZ$23 million of funding led by MYOB founder, Craig Winkler. [36] It raised an additional NZ$4 million in 2010 from Peter Thiel's Valar Ventures who also invested an additional US$16.6 million in February 2012. [37] It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital. [38] The company raised more than $100 million at a valuation of approximately $1.4 billion on the NZE by May 2013. [39] [40] This valuation was before receiving an additional NZ$180 million from Thiel and Matrix in October 2013, bringing total funding to more than $230 million. [41] Xero raised an additional $100 million from Accel and $10.8 million from Matrix Capital on 25 February 2015. [42] On 5 October 2018, Xero announced a settlement of US$300 million in convertible notes, more than previously raised by a New Zealand or Australian company not listed in the United States. [43]
In July 2011, Xero acquired the Australian online payroll provider Paycycle for a mixture of cash and shares totaling NZ$1.9 million, to integrate the company's products into its services. [44] It acquired Spotlight Workpapers in July 2012 for a mixture of cash and shares totaling $800,000. [45]
In July 2018, Xero formed a partnership with US payroll platform Gusto. [46] In August 2018, it acquired Hubdoc, a data capture application. [47] In November 2018, it acquired cloud-based accounts preparation and tax filing application Instafile for £5.25 million. [48]
In August 2020, Xero acquired Waddle, an Australian-based invoice financing startup, for A$80 million. The payment included $31 million in cash and $49 million in earnout payments. Waddle allows small businesses to access loans secured by their accounts receivables. [49] [50] In March 2023, Xero announced it was cutting jobs and closing the Waddle app. [51]
In November 2021, it acquired inventory management provider Locate Inventory for US$19 million, [52] and in December 2021, Xero announced it was acquiring Canadian tax software provider, TaxCycle, for CA$75 million. [53]
In November 2022, Xero announced establishment of a technology base in India in partnership with technology outsourcing company Infosys. [54] The India technology base includes engineering and developer roles. [54]
![]() | |
Company type | Public |
---|---|
| |
ISIN | NZXROE0001S2 |
Industry | Software as a service |
Founded | 2006 | in Wellington, New Zealand
Founders |
|
Headquarters | |
Key people |
|
Products | Accounting software |
Revenue | ![]() |
![]() | |
![]() | |
Total assets | ![]() |
Total equity | ![]() |
Number of employees | 4,242 (2024) |
Website | Xero.com |
Footnotes / references [1] [2] [3] [4] [5] [6] |
Xero is a New Zealand–based technology company that provides cloud-based accounting software for small businesses. The company has offices in New Zealand, Australia, the United Kingdom, the United States, Canada, South Africa and Singapore. [7] [8] Xero's products are based on the software-as-a-service model and sold by subscription, based on the type and number of entities managed by the subscriber. [9] The products are used in over 180 countries. [10] [11]
In 2006, Xero was founded by Rod Drury and Hamish Edwards in Wellington, [12] [13] [14] where Xero Limited's headquarters are still located. [15] The company was originally called Accounting 2.0. [14]
By 2017, Xero had more than one million customers globally, [16] and the following year, it had more than one million subscribers in Australia and New Zealand. [17] In April 2018, Steve Vamos was appointed as CEO, replacing Rod Drury who remained on the board as a non-executive director until 2023. [18] Vamos announced in November 2022 that he would step down in February 2023 and be replaced by Sukhinder Singh Cassidy, a former executive of Google and StubHub. [19] [20]
In 2019, the company announced it had over two million global subscribers, [21] and three million subscribers in September 2021. [22]
In March 2023, Sukhinder Singh Cassidy, the CEO of Xero, announced the removal of 700-800 roles across Xero, representing approximately 15% of the employee base. [23] At this time, the company reportedly had more than 3.5 million subscribers and about 4,500 staff across offices in New Zealand, Australia, North America, the UK and southeast Asia. [24] The company announced it had finished its job cuts by November 2023, reducing headcount to 4,242 staff. [25]
The Xero accounting software uses a single unified ledger, which allows users to work in the same set of books regardless of location or operating system. [26] It provides automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting. [27]
In 2011 and 2012, the Xero Touch mobile apps for iOS and Android devices were released. [28]
In the 2019 financial year, Xero offered services relating to Making Tax Digital in the United Kingdom, [29] Single Touch Payroll in Australia, [30] and Payday Filing in New Zealand. [31]
Xero went public on the New Zealand Exchange on 5 June 2007, with a NZ$15 million IPO, gaining 15% on its first trading day. [32] It went public on the Australian Securities Exchange (ASX) on 8 November 2012. [2] [33]
Xero transitioned to a sole listing on the ASX on 5 February 2018, delisting from the NZX on 2 February 2018. [34] In September 2019, the market capitalisation of Xero on the ASX exceeded NZ$10 billion, and it was ranked as the third most valuable publicly listed New Zealand company. [35]
Xero has also received funding from various investors. In 2009, it received NZ$23 million of funding led by MYOB founder, Craig Winkler. [36] It raised an additional NZ$4 million in 2010 from Peter Thiel's Valar Ventures who also invested an additional US$16.6 million in February 2012. [37] It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital. [38] The company raised more than $100 million at a valuation of approximately $1.4 billion on the NZE by May 2013. [39] [40] This valuation was before receiving an additional NZ$180 million from Thiel and Matrix in October 2013, bringing total funding to more than $230 million. [41] Xero raised an additional $100 million from Accel and $10.8 million from Matrix Capital on 25 February 2015. [42] On 5 October 2018, Xero announced a settlement of US$300 million in convertible notes, more than previously raised by a New Zealand or Australian company not listed in the United States. [43]
In July 2011, Xero acquired the Australian online payroll provider Paycycle for a mixture of cash and shares totaling NZ$1.9 million, to integrate the company's products into its services. [44] It acquired Spotlight Workpapers in July 2012 for a mixture of cash and shares totaling $800,000. [45]
In July 2018, Xero formed a partnership with US payroll platform Gusto. [46] In August 2018, it acquired Hubdoc, a data capture application. [47] In November 2018, it acquired cloud-based accounts preparation and tax filing application Instafile for £5.25 million. [48]
In August 2020, Xero acquired Waddle, an Australian-based invoice financing startup, for A$80 million. The payment included $31 million in cash and $49 million in earnout payments. Waddle allows small businesses to access loans secured by their accounts receivables. [49] [50] In March 2023, Xero announced it was cutting jobs and closing the Waddle app. [51]
In November 2021, it acquired inventory management provider Locate Inventory for US$19 million, [52] and in December 2021, Xero announced it was acquiring Canadian tax software provider, TaxCycle, for CA$75 million. [53]
In November 2022, Xero announced establishment of a technology base in India in partnership with technology outsourcing company Infosys. [54] The India technology base includes engineering and developer roles. [54]