Xero (software)
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| Public | |
| Traded as | NZX: XRO, ASX: XRO |
| Industry | Software as a Service (Saas) |
| Founded | New Zealand (2006) |
| Headquarters | Wellington, New Zealand |
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Key people
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Rod Drury (CEO), Chris Liddell (Chairman) |
| Products | Accounting software |
| Revenue | NZD$302 million (2016) |
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Number of employees
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1450 (May 24, 2016) |
| Website | www |
Xero is a New Zealand-based software company that develops cloud-based accounting software for small and medium-sized businesses. The company has offices in New Zealand, Australia, the United Kingdom, the United States and Singapore It is listed on both the New Zealand Exchange and Australian Securities Exchange.
Its products are based on the software as a service (SaaS) model and sold by subscription, based on the type and number of company entities managed by the subscriber.
Its products are used in over 180 different countries.
Xero was founded by Rod Drury and his personal accountant when they felt that traditional desktop accounting software had become outdated and decided to create a modern cloud-based product. Xero Limited was officially formed in 2006 in Wellington, New Zealand where its global headquarters are still located. The company entered the Australian market and the United Kingdom in 2008, and United States in 2011.
Xero went public on the New Zealand Exchange on June 5, 2007 with a $15 million (NZD) IPO, gaining 15% on its first trading day. Drury decided to list on the NZE rather than receive investment from Silicon Valley in order to avoid being pressured into selling to a larger competing company. The company focused on the New Zealand market and product and development for its first five years before entering other markets. It went public on the Australian Securities Exchange on November 8, 2012.
Xero has also received funding from various investors. In 2009, it closed a $23 million (NZD) round of funding led by MYOB founder Craig Winkler. It raised an additional $4 million (NZD) in 2010 from Peter Thiel's Valar Ventures, who also invested an additional $16.6 million (USD) in February 2012. It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital. It was reported by PandoDaily that the company has raised more than $100 million and had a valuation of approximately $1.4 billion on the NZE as of May 2013. This was prior to the company receiving an additional $180 million (NZD) from Thiel and Matrix in October 2013, bringing total funding to more than $230 million.
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Wikipedia