Cloud accounting company Xero has hit monthly recurring subscription revenues of $NZ8.6 million ($A7.93m), passing $NZ100m ($A92m) in annualised revenue for the first time. Full year operating revenue to March 2014 was $NZ70.1m.
Xero CEO Rod Drury says passing the $NZ100m annualised revenue mark is a huge milestone for any tech company.
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“We’re so proud to have got there so quickly,” he says.
Xero has also announced it is expanding its presence in Australia with a new office opening in Canberra and the hiring of additional staff. Staff numbers in Australia now total 144 across five offices.
Xero says in a statement that it is committed to creating employment opportunities in Canberra, at a time when many public sector jobs are under threat in the ACT following this year’s federal budget.
“We see the value in investing in our ACT Partners and customers, and continuing to grow our presence in the region” said Chris Ridd, managing director for Xero in Australia.
“We are dedicated to providing localised support across Australian business hubs, such as the ACT, that have shown a real eagerness to adopt cloud-based accounting software.”
Xero’s new Canberra office will open on Monday, June 16 and will be located at 10 Rudd Street, Canberra.