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Tech provider hits $100m milestone


One of the world’s fastest growing accounting software providers has announced it is expanding its presence in Australia after reaching a major annualised revenue milestone.

By Michael Masterman 10 minute read

In May 2014 Xero hit monthly recurring subscription revenues of NZ$8.6 million, passing NZ$100 million in annualised revenue for the first time.

Xero chief executive Rod Drury said passing the NZ$100 million annualised revenue mark is a huge milestone for any tech company.

"We’re so proud to have got there so quickly,” he said. 


In a statement, the firm said Australian customers now exceed 120,000 while the UK has over 50,000, with Xero the leading online accounting solution in both markets.

Whilst announcing the revenue results, Chris Ridd, managing director for Xero in Australia, also said the firm would be expanding its presence in Australia through a new office in Canberra and the hiring of additional staff.

“We see the value in investing in our ACT partners and customers, and continuing to grow our presence in the region” said Mr Ridd.

“We are dedicated to providing localised support across Australian business hubs, such as the ACT, that have shown a real eagerness to adopt cloud-based accounting software.”

Xero’s new Canberra office will open on Monday 16 June and will be located at 10 Rudd Street, Canberra.

During a time when many public sector jobs are under threat in the ACT following this year’s federal Budget, Xero is committed to creating employment opportunities in our nation’s capital, the company said.

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