The company raised more than $100 million at a valuation of approximately $1.4 billion on the NZE by May 2013. It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital. 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. In 2009, it received NZ$23 million of funding led by MYOB founder, Craig Winkler. Xero has also received funding from various investors. 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. Xero transitioned to a sole listing on the ASX on 5 February 2018, delisting from the NZX on 2 February 2018.
It went public on the Australian Securities Exchange (ASX) on 8 November 2012. 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. In the 2019 financial year, Xero offered services relating to Making Tax Digital in the United Kingdom, Single Touch Payroll in Australia, and Payday Filing in New Zealand. In 20, the Xero Touch mobile apps for iOS and Android devices were released. It provides automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting. 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. In 2019, the company announced it had over two million global subscribers, and three million subscribers in September 2021. 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. In April 2018, Steve Vamos was appointed as CEO, replacing Rod Drury who remained on the board as a non-executive director. īy 2017, Xero had more than one million customers globally, and the following year, it had more than one million subscribers in Australia and New Zealand. The company was originally called Accounting 2.0. In 2006, Xero was founded by Rod Drury and Hamish Edwards in Wellington, where Xero Limited's headquarters are still located.
The products are used in over 180 countries. 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. The company has offices in New Zealand, Australia, the United Kingdom and the United States.
Xero is a New Zealand–based technology company that provides cloud-based accounting software for small and medium-sized businesses.
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