June 03, 2015 12:15 ET

Xero Hits Half a Million Subscribers

Strong Momentum and Growth Rate Continues Globally

DENVER, CO--(Marketwired - Jun 3, 2015) - Xero (@Xero) today announced that it has surpassed a significant milestone of half a million subscribers worldwide to its global cloud accounting software platform. Xero is helping small business owners and entrepreneurs in more than 180 countries all over the globe from Anguilla and Zimbabwe, to Auckland, Melbourne, Mudgee and beyond.

Xero achieved its first 50,000 subscribers in September 2011 after five years in business. Subscriptions doubled in just 10 months and Xero reached the 100,000 milestone by July 2012. This momentum has continued, and four years on from that initial milestone Xero has grown its business ten-fold to become the preferred accounting platform for many small businesses, accountants and bookkeepers worldwide.

Xero is continually introducing new features to its core online accounting software solution and has already released over 380 new features and updates this calendar year. This continual innovation gives small businesses better control of their business and the tools to make their business dreams come true.

As well as surpassing the half a million subscriber milestone, Xero is delivering on its growth plans and is already the market leader in cloud accounting in New Zealand, Australia and the UK. Xero now has its sights focused on the journey to one million subscribers, as it works toward its own dream of millions of small businesses around the globe thriving on Xero.

The journey to 500,000 subscribers, 500,000 dreams
Xero is using the milestone to celebrate the dreams of its small business customers and celebrate the diversity of industries spanning every corner of the globe. From farmers and retailers to tradespeople and architects -- Xero is a proven solution that works for all types of small business owners.

Xero's accounting, bookkeeping and ecosystem partners are a big part of Xero's global success and their contribution to the half million subscriber milestone is recognized.

Engine room for small business
In the last year, Xero delivered more than 500 customer-facing updates as part of its commitment to delivering innovation at pace and its continuous improvement strategy. The benefits of being created in the cloud mean customers automatically receive updates and new products as they are developed, and there is no need to download updates. The cadence and of Xero's product innovation is world-class.

Major features delivered in the last year include Payroll in the UK and New Zealand, Xero on iPad, inventory, quotes and online quotes, Practice Reports (NZ), find and re-code, and its just-launched Business Performance dashboard which takes the Xero platform to the next level.

Xero continues to deliver corporate partnerships globally -- a true testament to the power of the cloud -- by connecting small business services with the aim of saving small businesses even more time. In addition, Xero's add-on ecosystem continues to grow -- now boasting more than 400 add-on apps in the marketplace.

Xero's innovative service support model provides expert customer support around the clock. With Xero offices all over the world, the customer care team deliver quick solutions to Xero users no matter where they are.

In the last financial year alone, Xero processed over 55 million invoices and over $240 billion USD transactions were paid through the Xero system in the past 12 months worldwide -- demonstrating the power of the small business platform to deliver insights into the health of small business.

Comments on the News:

  • "In just over eight years, we have gone from no lines of code to over half a million subscribers worldwide. We've built our accounting platform and demonstrated that we are one of the fastest growing Software as a Service companies in the world. It's our partners and customers who have supported us to keep raising the bar and deliver nothing less than best-in-class," said Rod Drury, CEO, Xero.
  • "We have 500,000 subscribers around the world and many of those are doing business across borders -- not just in their home countries. Xero's cloud-first platform is helping to erase global boundaries for small business owners and their trusted advisors," said Russ Fujioka, U.S. President, Xero.
  • "Since we moved to Xero, I've really been able to live the dream of running my own business -- and watch it becoming a profitable reality! I can easily check reports to see that my business is working efficiently and making money any time, from wherever I am. It means I'm more available to tend to our customers' needs and deliver the best service possible... I get to enjoy trips away and still feel in control, it's great! Xero costs less than our old system did but gives me way more," said Simon Stuart, Owner of Line King Corporation, Calgary, Alberta, Canada.
  • "RDA Accountants in Ireland transferred my business bookkeeping systems to Xero. The weekly time saved has allowed me to make a huge lifestyle change and train to run my first Marathon. Now that my bookkeeping is running more efficiently and taking less time, I have found an extra 83 hours over the last few months to achieve my long-term health dream and run my business faster and smarter. Xero has really been a 'life changer' allowing me the benefits of having a healthy lifestyle and a healthy business!" said Paul Hyde, Hyde Cottage, Ireland.
  • "Xero is a nice and easy to use software, which helps us to be informed 24 hours per day. With the help of Xero we can focus on what really matters to us, which is developing great Architectural Projects for our clients," said Jochen Seelos, Co-Founder of Superdraft Studio GmbH, Switzerland.

About Xero
Xero is beautiful, easy-to-use online accounting software for small businesses and their advisors. The company has 500,000 subscribers in more than 180 countries. Xero seamlessly integrates with over 400 third-party tools, and was ranked No. 1 by Forbes as the World's Most Innovative Growth Company in 2014 and 2015.

About Xerocon
Xerocon 2015 is being held at the Denver Center for the Performing Arts on June 2-4, 2015 and will be attended by more than 500 accountants, bookkeepers, small business owners, financial professionals and 35+ exhibitors. Keynote speakers at the event include Xero CEO Rod Drury, Freakonomics author, Stephen J. Dubner and Polly Labarre, a founding member of Fast Company. Avalara is the lead sponsor of the event. Follow news from the conference on Twitter at @Xero and with #Xerocon.

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