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Wikipedia

Xero (company)

February 04, 2023

Xero is a New Zealand–based technology company that provides cloud-based accounting software for small and medium-sized businesses. The company has offices in New Zealand, Australia, the United Kingdom and the United States.[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]

Xero Limited
TypePublic
ISINNZXROE0001S2
IndustrySoftware as a service
Founded2006; 17 years ago (2006) in Wellington, New Zealand
Founders
Headquarters
Wellington, New Zealand
Key people
  • David Thodey
  • (chair of the board)
  • Rod Drury
  • (director)
  • Steve Vamos
  • (CEO)
  • Sukhinder Singh Cassidy
  • (CEO) from Feb 2023
ProductsAccounting software
Revenue NZ$1.097 billion (2022)
NZ$41.97 million (2022)
NZ$-9.11 million (2022)
Total assets NZ$2.34 billion (2022)
Total equity NZ$1.03 billion (2022)
Number of employees
 4,784 (2022)
WebsiteXero.com
Footnotes / references
[1][2][3][4][5][6]

History

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.[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]

Product

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.[23] It provides automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting.[24]

In 2011 and 2012, the Xero Touch mobile apps for iOS and Android devices were released.[25]

In the 2019 financial year, Xero offered services relating to Making Tax Digital in the United Kingdom,[26] Single Touch Payroll in Australia,[27] and Payday Filing in New Zealand.[28]

Funding

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.[29] It went public on the Australian Securities Exchange (ASX) on 8 November 2012.[2][30]

Xero transitioned to a sole listing on the ASX on 5 February 2018, delisting from the NZX on 2 February 2018.[31] 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.[32]

Xero has also received funding from various investors. In 2009, it received NZ$23 million of funding led by MYOB founder, Craig Winkler.[33] 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.[34] It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital.[35] The company raised more than $100 million at a valuation of approximately $1.4 billion on the NZE by May 2013.[36][37] 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.[38] Xero raised an additional $100 million from Accel and $10.8 million from Matrix Capital on 25 February 2015.[39] 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. As a result, the company was awarded 'best hybrid' deal of 2018 by Finance Asia.[40]

Acquisitions and partnerships

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.[41] It acquired Spotlight Workpapers in July 2012 for a mixture of cash and shares totaling $800,000.[42]

In July 2018, Xero formed a partnership with US payroll platform Gusto.[43] In August 2018, it acquired Hubdoc, a data capture application.[44] In November 2018, it acquired cloud-based accounts preparation and tax filing application Instafile for £5.25 million.[45]

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.[46][47]

In November 2021, it acquired inventory management provider Locate Inventory for US$19 million,[48] and in December 2021, Xero announced it was acquiring Canadian tax software provider, TaxCycle, for CA$75 million.[49]

In November 2022, Xero announced establishment of a technology base in India in partnership with technology outsourcing company Infosys.[50] The India technology base includes engineering and developer roles.[50]

See also

References

  1. ^ Laugesen, Ruth (17 October 2013). "From Xero a hero". New Zealand Listener.
  2. ^ a b Barwick, Harrish (8 November 2012). "NZ-based SaaS provider Xero lists on ASX". Computer World. Retrieved 15 January 2014.
  3. ^ "Xero Limited 2018 Annual Report" (PDF). Retrieved 24 May 2016.
  4. ^ "Xero Limited 2018 Interim Report" (PDF). Retrieved 17 March 2018.
  5. ^ "ASX" (PDF).
  6. ^ "Xero Limited Annual Report FY22" (PDF). Xero Limited. Retrieved 30 May 2022.
  7. ^ Mckenzie, Hamish (1 May 2013). "Xero: A billion-dollar software company that had five years in stealth at the bottom of the planet – New Zealand" (HTML). Bamboo Innovator. Retrieved 4 November 2022.{{cite web}}: CS1 maint: url-status (link)
  8. ^ Campbell, Anita (13 October 2013). "Small Biz Accounting Software Space Heats Up As Xero Raises $150 Million". Small Biz Trends. Retrieved 15 January 2014.
  9. ^ Robins, Brian (6 November 2013). "Sharemarket darling Xero dubbed 'Apple of accounting'" (HTML). The Sydney Morning Herald. Retrieved 15 January 2014.
  10. ^ "Xero grows to $1 Billion revenue – Enterprise Times". Enterprise Times. 20 July 2016. Retrieved 30 May 2018.
  11. ^ Ryan, Holly (9 May 2018). "Xero halves losses, closes in on profitability". New Zealand Herald. ISSN 1170-0777. Retrieved 12 July 2019.{{cite news}}: CS1 maint: url-status (link)
  12. ^ "No guts, no glory for Xero boss". Stuff. 20 September 2014. Retrieved 1 March 2020.
  13. ^ Gregersen, Hal. "How Rod Drury Built Xero From A 'Small Set Of Rocks In The South Pacific' Into A Global Player". Forbes. Retrieved 22 January 2020.
  14. ^ a b "THE UNTOLD STORY: How Xero took a band name and changed accounting for a million companies". Business Insider. Retrieved 27 June 2019.
  15. ^ Brooks, Steve (20 July 2016). "Xero grows to $1 Billion revenue -". Enterprise Times. Retrieved 27 June 2019.
  16. ^ Shaw, Aimee (29 March 2017). "Accounting software firm Xero surpasses one million users worldwide". ISSN 1170-0777. Retrieved 12 July 2019.
  17. ^ "Xero hits million mark for trans-Tasman subscribers". New Zealand Reseller News. Retrieved 12 July 2019.
  18. ^ Ryan, Holly (4 March 2018). "Xero CEO Rod Drury stepping down". The New Zealand Herald. ISSN 1170-0777. Retrieved 12 July 2019.
  19. ^ "Xero appoints new CEO as Vamos set to depart". NBR | The Authority since 1970. 10 November 2022. Retrieved 15 November 2022.
  20. ^ Ruth, Jenny (11 November 2022). "Xero shares plunge on CEO Steve Vamos' imminent departure". businessdesk.co.nz. Retrieved 15 November 2022.
  21. ^ Waters, Cara (7 November 2019). "'A big milestone': Xero hits two million subscribers, revenue jumps". The Sydney Morning Herald. Retrieved 4 September 2020.
  22. ^ Chanthadavong, Aimee (11 November 2021). "Xero posts half-year net loss as investment in product development grows". ZDNet. Retrieved 18 May 2022.
  23. ^ Lam, Greg (2 July 2013). . Sleeter. Archived from the original on 13 July 2018. Retrieved 16 January 2014.
  24. ^ Sherman, Matt. "Xero Review". Merchant Maverick.
  25. ^ Fineberg, Seth (2 October 2012). . Accounting Today. Archived from the original on 23 October 2013. Retrieved 9 September 2013.
  26. ^ "Xero is preparing for Making Tax Digital". Accountancy Age. 15 November 2018. Retrieved 12 July 2019.
  27. ^ Zaharov-Reutt, Alex (28 November 2018). "Xero says 'small businesses rushing to go digital as STP deadline approaches'". iwire.
  28. ^ "Tax refund agents weigh futures as IRD prepares huge software release". New Zealand Reseller News. Retrieved 12 July 2019.
  29. ^ Niesche, Christopher (6 June 2007). "Xero begins strongly". New Zealand Herald. Retrieved 15 January 2014.
  30. ^ Geron, Tomio. "Peter Thiel's Valar Ventures Joins $67 Million Round For Xero". Forbes. Retrieved 22 January 2020.
  31. ^ "Shareholder update on Xero listing". NZX. 22 January 2018. Retrieved 4 September 2020.
  32. ^ Pullar-Strecker, Tom (6 September 2019). "Xero joins elite club as value surges past $10 billion". Stuff.co.nz. Retrieved 9 August 2020.
  33. ^ Sharp, Ari (7 April 2009). "MYOB founder buys into rival". The Sydney Morning Herald. Retrieved 22 January 2020.
  34. ^ Wauters, Robin (22 October 2010). "Peter Thiel Invests $3 Million In Xero To Support Its US Expansion". Tech Crunch. Retrieved 15 January 2014.
  35. ^ Tanwani, Maneka. "Xero secures US$141M from Accel Partners, Matrix Capital Management". e27. Retrieved 15 December 2020.
  36. ^ McKenzie, Hamish (1 May 2013). "Xero: A billion-dollar software company that had five years in stealth at the bottom of the planet". Pando Daily. Retrieved 15 January 2014.
  37. ^ Williams, Alex (29 November 2012). "Peter Thiel And Existing Investors Put Another $49 Million In Accounting Software Company Xero". Tech Crunch. Retrieved 15 January 2014.
  38. ^ Lunden, Ingrid (13 October 2013). "Xero Zeros In On Another $150M To Do Battle With Intuit In The World Of Online SMB Accounting Software". Tech Crunch. Retrieved 15 January 2014.
  39. ^ "Xero secures US$141M from Accel Partners, Matrix Capital Management". e27. Retrieved 22 January 2020.
  40. ^ "Achievement Awards 2018 – Australia/NZ Part 1 | australia awards, achievement awards, awards, australia, new zealand". FinanceAsia. Retrieved 4 July 2019.
  41. ^ Rogers, Claire (21 July 2011). "Xero buys payroll firm to boost Aust growth". Stuff.co.nz. Retrieved 19 September 2013.
  42. ^ "Startup profile: Richard Francis from Spotlight Reporting". Futurebooks. 30 September 2015. Retrieved 18 December 2020.
  43. ^ Gray, Jamie (19 July 2018). "Xero forms alliance with US payrolls platform Gusto". ISSN 1170-0777. Retrieved 12 July 2019.
  44. ^ "Xero acquires Hubdoc". Finextra Research. 1 August 2018. Retrieved 12 July 2019.
  45. ^ Brooks, Steve (16 November 2018). "Xero acquires Instafile for £5.25 million -". Enterprise Times. Retrieved 22 January 2020.
  46. ^ Waters, Cara (25 August 2020). "Xero snaps up small business lender Waddle for $80 million". The Sydney Morning Herald. Retrieved 1 September 2020.
  47. ^ Chanthadavong, Aimee. "Xero to acquire Waddle for AU$80 million". ZDNet. Retrieved 16 September 2020.
  48. ^ Hood, Daniel (12 November 2021). "Xero acquires inventory mgmt. provider". accounting today. Retrieved 19 July 2022.
  49. ^ Scott, Josh (28 December 2021). "Xero to acquire Calgary's TaxCycle in $75 million CAD deal to expand Canadian presence". betakit. Retrieved 19 July 2022.
  50. ^ a b "Xero establishes a technology base in India". Retrieved 29 November 2022.

External links

  • Official website  

February 04, 2023
xero, company, xero, zealand, based, technology, company, that, provides, cloud, based, accounting, software, small, medium, sized, businesses, company, offices, zealand, australia, united, kingdom, united, states, xero, products, based, software, service, mod. Xero is a New Zealand based technology company that provides cloud based accounting software for small and medium sized businesses The company has offices in New Zealand Australia the United Kingdom and the United States 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 Xero LimitedTypePublicTraded asASX XROS amp P ASX 200 componentISINNZXROE0001S2IndustrySoftware as a serviceFounded2006 17 years ago 2006 in Wellington New ZealandFoundersRod DruryHamish EdwardsHeadquartersWellington New ZealandKey peopleDavid Thodey chair of the board Rod Drury director Steve Vamos CEO Sukhinder Singh Cassidy CEO from Feb 2023ProductsAccounting softwareRevenueNZ 1 097 billion 2022 Operating incomeNZ 41 97 million 2022 Net incomeNZ 9 11 million 2022 Total assetsNZ 2 34 billion 2022 Total equityNZ 1 03 billion 2022 Number of employees4 784 2022 WebsiteXero comFootnotes references 1 2 3 4 5 6 Contents 1 History 2 Product 3 Funding 4 Acquisitions and partnerships 5 See also 6 References 7 External linksHistory EditIn 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 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 Product EditThe 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 23 It provides automatic bank feeds invoicing accounts payable expense claims fixed asset depreciation purchase orders bank reconciliations and standard business and management reporting 24 In 2011 and 2012 the Xero Touch mobile apps for iOS and Android devices were released 25 In the 2019 financial year Xero offered services relating to Making Tax Digital in the United Kingdom 26 Single Touch Payroll in Australia 27 and Payday Filing in New Zealand 28 Funding EditXero went public on the New Zealand Exchange on 5 June 2007 with a NZ 15 million IPO gaining 15 on its first trading day 29 It went public on the Australian Securities Exchange ASX on 8 November 2012 2 30 Xero transitioned to a sole listing on the ASX on 5 February 2018 delisting from the NZX on 2 February 2018 31 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 32 Xero has also received funding from various investors In 2009 it received NZ 23 million of funding led by MYOB founder Craig Winkler 33 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 34 It raised 49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital 35 The company raised more than 100 million at a valuation of approximately 1 4 billion on the NZE by May 2013 36 37 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 38 Xero raised an additional 100 million from Accel and 10 8 million from Matrix Capital on 25 February 2015 39 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 As a result the company was awarded best hybrid deal of 2018 by Finance Asia 40 Acquisitions and partnerships EditIn 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 41 It acquired Spotlight Workpapers in July 2012 for a mixture of cash and shares totaling 800 000 42 In July 2018 Xero formed a partnership with US payroll platform Gusto 43 In August 2018 it acquired Hubdoc a data capture application 44 In November 2018 it acquired cloud based accounts preparation and tax filing application Instafile for 5 25 million 45 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 46 47 In November 2021 it acquired inventory management provider Locate Inventory for US 19 million 48 and in December 2021 Xero announced it was acquiring Canadian tax software provider TaxCycle for CA 75 million 49 In November 2022 Xero announced establishment of a technology base in India in partnership with technology outsourcing company Infosys 50 The India technology base includes engineering and developer roles 50 See also EditComparison of accounting softwareReferences Edit Laugesen Ruth 17 October 2013 From Xero a hero New Zealand Listener a b Barwick Harrish 8 November 2012 NZ based SaaS provider Xero lists on ASX Computer World Retrieved 15 January 2014 Xero Limited 2018 Annual Report PDF Retrieved 24 May 2016 Xero Limited 2018 Interim Report PDF Retrieved 17 March 2018 ASX PDF Xero Limited Annual Report FY22 PDF Xero Limited Retrieved 30 May 2022 Mckenzie Hamish 1 May 2013 Xero A billion dollar software company that had five years in stealth at the bottom of the planet New Zealand HTML Bamboo Innovator Retrieved 4 November 2022 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Campbell Anita 13 October 2013 Small Biz Accounting Software Space Heats Up As Xero Raises 150 Million Small Biz Trends Retrieved 15 January 2014 Robins Brian 6 November 2013 Sharemarket darling Xero dubbed Apple of accounting HTML The Sydney Morning Herald Retrieved 15 January 2014 Xero grows to 1 Billion revenue Enterprise Times Enterprise Times 20 July 2016 Retrieved 30 May 2018 Ryan Holly 9 May 2018 Xero halves losses closes in on profitability New Zealand Herald ISSN 1170 0777 Retrieved 12 July 2019 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link No guts no glory for Xero boss Stuff 20 September 2014 Retrieved 1 March 2020 Gregersen Hal How Rod Drury Built Xero From A Small Set Of Rocks In The South Pacific Into A Global Player Forbes Retrieved 22 January 2020 a b THE UNTOLD STORY How Xero took a band name and changed accounting for a million companies Business Insider Retrieved 27 June 2019 Brooks Steve 20 July 2016 Xero grows to 1 Billion revenue Enterprise Times Retrieved 27 June 2019 Shaw Aimee 29 March 2017 Accounting software firm Xero surpasses one million users worldwide ISSN 1170 0777 Retrieved 12 July 2019 Xero hits million mark for trans Tasman subscribers New Zealand Reseller News Retrieved 12 July 2019 Ryan Holly 4 March 2018 Xero CEO Rod Drury stepping down The New Zealand Herald ISSN 1170 0777 Retrieved 12 July 2019 Xero appoints new CEO as Vamos set to depart NBR The Authority since 1970 10 November 2022 Retrieved 15 November 2022 Ruth Jenny 11 November 2022 Xero shares plunge on CEO Steve Vamos imminent departure businessdesk co nz Retrieved 15 November 2022 Waters Cara 7 November 2019 A big milestone Xero hits two million subscribers revenue jumps The Sydney Morning Herald Retrieved 4 September 2020 Chanthadavong Aimee 11 November 2021 Xero posts half year net loss as investment in product development grows ZDNet Retrieved 18 May 2022 Lam Greg 2 July 2013 Cloud Accounting Comparison Data Import and Export Sleeter Archived from the original on 13 July 2018 Retrieved 16 January 2014 Sherman Matt Xero Review Merchant Maverick Fineberg Seth 2 October 2012 Xero Debuts Mobile App for Android Accounting Today Archived from the original on 23 October 2013 Retrieved 9 September 2013 Xero is preparing for Making Tax Digital Accountancy Age 15 November 2018 Retrieved 12 July 2019 Zaharov Reutt Alex 28 November 2018 Xero says small businesses rushing to go digital as STP deadline approaches iwire Tax refund agents weigh futures as IRD prepares huge software release New Zealand Reseller News Retrieved 12 July 2019 Niesche Christopher 6 June 2007 Xero begins strongly New Zealand Herald Retrieved 15 January 2014 Geron Tomio Peter Thiel s Valar Ventures Joins 67 Million Round For Xero Forbes Retrieved 22 January 2020 Shareholder update on Xero listing NZX 22 January 2018 Retrieved 4 September 2020 Pullar Strecker Tom 6 September 2019 Xero joins elite club as value surges past 10 billion Stuff co nz Retrieved 9 August 2020 Sharp Ari 7 April 2009 MYOB founder buys into rival The Sydney Morning Herald Retrieved 22 January 2020 Wauters Robin 22 October 2010 Peter Thiel Invests 3 Million In Xero To Support Its US Expansion Tech Crunch Retrieved 15 January 2014 Tanwani Maneka Xero secures US 141M from Accel Partners Matrix Capital Management e27 Retrieved 15 December 2020 McKenzie Hamish 1 May 2013 Xero A billion dollar software company that had five years in stealth at the bottom of the planet Pando Daily Retrieved 15 January 2014 Williams Alex 29 November 2012 Peter Thiel And Existing Investors Put Another 49 Million In Accounting Software Company Xero Tech Crunch Retrieved 15 January 2014 Lunden Ingrid 13 October 2013 Xero Zeros In On Another 150M To Do Battle With Intuit In The World Of Online SMB Accounting Software Tech Crunch Retrieved 15 January 2014 Xero secures US 141M from Accel Partners Matrix Capital Management e27 Retrieved 22 January 2020 Achievement Awards 2018 Australia NZ Part 1 australia awards achievement awards awards australia new zealand FinanceAsia Retrieved 4 July 2019 Rogers Claire 21 July 2011 Xero buys payroll firm to boost Aust growth Stuff co nz Retrieved 19 September 2013 Startup profile Richard Francis from Spotlight Reporting Futurebooks 30 September 2015 Retrieved 18 December 2020 Gray Jamie 19 July 2018 Xero forms alliance with US payrolls platform Gusto ISSN 1170 0777 Retrieved 12 July 2019 Xero acquires Hubdoc Finextra Research 1 August 2018 Retrieved 12 July 2019 Brooks Steve 16 November 2018 Xero acquires Instafile for 5 25 million Enterprise Times Retrieved 22 January 2020 Waters Cara 25 August 2020 Xero snaps up small business lender Waddle for 80 million The Sydney Morning Herald Retrieved 1 September 2020 Chanthadavong Aimee Xero to acquire Waddle for AU 80 million ZDNet Retrieved 16 September 2020 Hood Daniel 12 November 2021 Xero acquires inventory mgmt provider accounting today Retrieved 19 July 2022 Scott Josh 28 December 2021 Xero to acquire Calgary s TaxCycle in 75 million CAD deal to expand Canadian presence betakit Retrieved 19 July 2022 a b Xero establishes a technology base in India Retrieved 29 November 2022 External links EditOfficial website Retrieved from https en wikipedia org w index php title Xero company amp oldid 1135972032, wikipedia, wiki, book, books, library,

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