3 Apr 2012

Sales and customer numbers doubled by Xero

11:58 am on 3 April 2012

Online accounting software firm Xero doubled its sales in the year to March to $19 million and more than doubled its business customers to nearly 80,000.

The company, which recently raised nearly $36 million dollars to fund growth, processed more than $100-billion in transactions over the last 12 months.

It has opened new offices in five cities in Australasia, Britain and the United States and has integrated two new acquisitions, PayCyle and WorkflowMax into the business.

Chief executive Rod Drury says Xero is now the preferred provider for the accounting industry in New Zealand where it has 47,000 customers, and is challenging the market leaders for a greater share in Australia and Britain.

He says those three countries will be the growth engines in the next year, as the company continues its push into the US.