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Xero Limited
Company typePublic
ISINNZXROE0001S2
IndustrySoftware as a Service (SaaS)
FoundedNew Zealand (2006)
Headquarters
Wellington
,
New Zealand
Key people
ProductsAccounting software
RevenueIncrease NZ$848.8 million (2021)
Increase NZ$19.8 million (2021)
Number of employees
Increase 3,642 (2021)
WebsiteXero.com
Footnotes / references
[1][2][3][4][5][6][7]

Xero is a New Zealand–domiciled[8] public technology company, listed[9] on the Australian Securities Exchange.[10] Xero is a cloud-based accounting software platform for small- and medium-sized businesses.[11] The company has three offices in New Zealand (Wellington, Auckland and Napier), six offices in Australia (Melbourne, Sydney, Canberra, Adelaide, Brisbane and Perth), three offices in the United Kingdom (London, Manchester and Milton Keynes),[12] three offices in the United States (Denver, San Francisco and New York), as well as offices in Canada, Singapore, Hong Kong and South Africa.[13]

Xero's 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.[14] Its products are used in over 180 countries.[15][16]

History

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Xero was founded in Wellington during 2006 by Rod Drury and Hamish Edwards.[17][18][19] Xero Limited's headquarters are still located in Wellington.[20] The company was originally called Accounting 2.0.[19]

In 2017, Xero claimed to have more than one million customers globally,[21] and the following year, in December 2018, Xero claimed to have more than one million subscribers in its home markets of Australia and New Zealand.[22]

In April 2018, Steve Vamos was appointed as CEO, replacing Rod Drury. Drury remained on the board as a non-executive director.[23]

In 2019, the company announced it had over two million global subscribers.[24]

Funding

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Xero went public on the New Zealand Exchange on 5 June 2007, with a $15 million (NZD) IPO, gaining 15% on its first trading day.[25] The company initially focused solely on the New Zealand market. It went public on the Australian Securities Exchange (ASX) on 8 November 2012.[3][26] Xero transitioned to a sole listing on the ASX on 5 February 2018, delisting from the NZX on 2 February 2018. 31 January 2018 was the last day Xero shares were traded on the NZX.[27] In September 2019, the market capitalisation of Xero on the ASX exceeded $10 billion (NZD), and it was ranked as the third most-valuable publicly listed New Zealand company.[28]

Xero has also received funding from various investors. In 2009, it received $23 million (NZD) of funding led by MYOB founder, Craig Winkler.[29] 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.[30] It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital.[31] It has been reported that the company had raised more than $100 million at a valuation of approximately $1.4 billion on the NZE as of May 2013.[12][32] This valuation was before receiving an additional $180 million (NZD) from Thiel and Matrix in October 2013, bringing total funding to more than $230 million.[33] Xero raised an additional $100 million from Accel and $10.8 million from Matrix Capital on 25 February 2015.[34] On 5 October 2018, Xero announced a settlement of $300 million (USD) in convertible notes, more than previously raised by any New Zealand or Australian company which is not listed in the United States. As a result, the company was awarded best hybrid deal of 2018 by Finance Asia.[35]

Acquisitions and partnerships

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Xero has acquired several companies since its launch. In July 2011, the company acquired the Australian online payroll provider Pay cycle for a mixture of cash and shares totaling $1.9 million (NZD) to integrate the company's products into its services.[36] It acquired Spotlight Workpapers in July 2012 for a mixture of cash and shares totaling $800,000.[37]

In July 2018, Xero announced a strategic alliance with US payroll platform Gusto.[38]

In August 2018, Xero acquired Hubdoc, a data capture solution.[39] Xero paid the acquisition price for Hubdoc in two stages, initially US$60 million consisting of 35% cash and 65% in Xero equity. The second tranche of US$10 million in equity was promised to the Hubdoc's shareholders in 18 months following the acquisition, subject to operational targets and conditions.[40]

In November 2018, Xero acquired cloud-based accounts preparation and tax filing solution Instafile for £5.25 million (GBP), which will be paid over three years.[41]

In August 2020, Xero acquired Waddle, an Australian-based invoice financing startup for $80 million (AUD). Payment includes $31 million in cash and $49 million in earnout payments. Waddle allows small businesses to access quick loans secured by their accounts receivables.[42][43]

In March 2021 Xero acquired Danish workforce management platform, Planday.[44] They followed this up with the acquisition of e-invoicing firm, Tickstar, in the same month.[45]

Product

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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.[46]

Its features include[47] automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting.

In 2011, the Xero Touch mobile apps for iOS and Android devices were released.[48][49]

In the 2019 financial year, Xero offered services relating to Making Tax Digital in the United Kingdom,[50] Single Touch Payroll in Australia[51] and Payday Filing in New Zealand.[52]

See also

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References

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  1. ^ "Xero Limited Annual Report (Fiscal Year: March 31, 2018)" (PDF). Xero Limited. Retrieved 27 November 2018.
  2. ^ Laugesen, Ruth (17 October 2013). "From Xero a hero". New Zealand Listener.
  3. ^ a b Barwick, Harrish (8 November 2012). "NZ-based SaaS provider Xero lists on ASX". Computer World. Retrieved 15 January 2014.
  4. ^ "Xero Limited 2018 Annual Report" (PDF). Retrieved 24 May 2016.
  5. ^ "Xero Limited 2018 Interim Report" (PDF). Retrieved 17 March 2018.
  6. ^ "ASX" (PDF).
  7. ^ "Xero Annual Report 2021" (PDF). Xero.
  8. ^ "NZX decides to let Xero go without a fight". Stuff. 1 December 2017. Retrieved 15 December 2020.
  9. ^ "Xero Limited XRO". www.sharesight.com. 20 January 2021. Retrieved 20 January 2021.{{cite web}}: CS1 maint: url-status (link)
  10. ^ en:Australian_Securities_Exchange, oldid 902153038[circular reference]
  11. ^ "Xero Software - 2021 Reviews, Pricing & Demo". www.softwareadvice.com. Retrieved 26 May 2021.
  12. ^ a b 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.
  13. ^ Campbell, Anita (13 October 2013). "Small Biz Accounting Software Space Heats Up As Xero Raises $150 Million". Small Biz Trends. Retrieved 15 January 2014.
  14. ^ Robins, Brian (6 November 2013). "Sharemarket darling Xero dubbed 'Apple of accounting'". The Sydney Morning Herald. Retrieved 15 January 2014.
  15. ^ "Xero grows to $1 Billion revenue – Enterprise Times". Enterprise Times. 20 July 2016. Retrieved 30 May 2018.
  16. ^ 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)
  17. ^ "No guts, no glory for Xero boss". Stuff. Retrieved 1 March 2020.
  18. ^ 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.
  19. ^ a b "THE UNTOLD STORY: How Xero took a band name and changed accounting for a million companies". Business Insider. Retrieved 27 June 2019.
  20. ^ Brooks, Steve (20 July 2016). "Xero grows to $1 Billion revenue -". Enterprise Times. Retrieved 27 June 2019.
  21. ^ Shaw, Aimee (29 March 2017). "Accounting software firm Xero surpasses one million users worldwide". ISSN 1170-0777. Retrieved 12 July 2019.
  22. ^ "Xero hits million mark for trans-Tasman subscribers". New Zealand Reseller News. Retrieved 12 July 2019.
  23. ^ holly.ryan@nzherald.co.nz @HollyRoseRyan, Holly Ryan Business writer, NZ Herald (4 March 2018). "Xero CEO Rod Drury stepping down". ISSN 1170-0777. Retrieved 12 July 2019. {{cite news}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  24. ^ Waters, Cara (7 November 2019). "'A big milestone': Xero hits two million subscribers, revenue jumps". The Sydney Morning Herald. Retrieved 4 September 2020.
  25. ^ Niesche, Christopher (6 June 2007). "Xero begins strongly". New Zealand Herald. Retrieved 15 January 2014.
  26. ^ Geron, Tomio. "Peter Thiel's Valar Ventures Joins $67 Million Round For Xero". Forbes. Retrieved 22 January 2020.
  27. ^ "Shareholder update on Xero listing". NZX. 22 January 2018. Retrieved 4 September 2020.
  28. ^ Pullar-strecker, Tom (6 September 2019). "Xero joins elite club as value surges past $10 billion". Stuff.co.nz. Retrieved 9 August 2020.
  29. ^ Sharp, Ari (7 April 2009). "MYOB founder buys into rival". The Sydney Morning Herald. Retrieved 22 January 2020.
  30. ^ Wauters, Robin (22 October 2010). "Peter Thiel Invests $3 Million In Xero To Support Its US Expansion". Tech Crunch. Retrieved 15 January 2014.
  31. ^ Tanwani, Maneka. "Xero secures US$141M from Accel Partners, Matrix Capital Management". e27. Retrieved 15 December 2020.
  32. ^ 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.
  33. ^ 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.
  34. ^ "Xero secures US$141M from Accel Partners, Matrix Capital Management". e27. Retrieved 22 January 2020.
  35. ^ Editors, FinanceAsia. "Achievement Awards 2018 – Australia/NZ Part 1 | australia awards, achievement awards, awards, australia, new zealand". FinanceAsia. Retrieved 4 July 2019. {{cite web}}: |last= has generic name (help)
  36. ^ Rogers, Claire. "Xero buys payroll firm to boost Aust growth". Stuff.co.nz. Retrieved 19 September 2013.
  37. ^ "Startup profile: Richard Francis from Spotlight Reporting". Futurebooks. 30 September 2015. Retrieved 18 December 2020.
  38. ^ Gray, Jamie (19 July 2018). "Xero forms alliance with US payrolls platform Gusto". ISSN 1170-0777. Retrieved 12 July 2019.
  39. ^ "Xero acquires Hubdoc". Finextra Research. 1 August 2018. Retrieved 12 July 2019.
  40. ^ "Xero acquires Hubdoc".
  41. ^ Brooks, Steve (16 November 2018). "Xero acquires Instafile for £5.25 million -". Enterprise Times. Retrieved 22 January 2020.
  42. ^ Waters, Cara (25 August 2020). "Xero snaps up small business lender Waddle for $80 million". The Sydney Morning Herald. Retrieved 1 September 2020.
  43. ^ Chanthadavong, Aimee. "Xero to acquire Waddle for AU$80 million". ZDNet. Retrieved 16 September 2020.
  44. ^ Vamos, Steve. "Xero to acquire Planday to simplify workforce management and compliance". Xero.
  45. ^ Curzon, Anna. "Xero to acquire Tickstar to drive adoption of e-invoicing globally". Xero.
  46. ^ Lam, Greg (2 July 2013). "Cloud Accounting Comparison – Data Import and Export". Sleeter. Retrieved 16 January 2014.
  47. ^ "Xero key features".
  48. ^ Fineberg, Seth. "Xero Debuts Mobile App for Android". Accounting Today. Retrieved 9 September 2013.
  49. ^ Smith, Heather (23 May 2013). Xero For Dummies. John Wiley & Sons. p. 35. ISBN 978-1-118-57252-8.
  50. ^ "Xero is preparing for Making Tax Digital". Accountancy Age. 15 November 2018. Retrieved 12 July 2019.
  51. ^ Zaharov-Reutt, Alex (28 November 2018). "Xero says 'small businesses rushing to go digital as STP deadline approaches'". iwire.
  52. ^ "Tax refund agents weigh futures as IRD prepares huge software release". New Zealand Reseller News. Retrieved 12 July 2019.
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