Global leader: Rod Drury, CEO
Core activity: Online accounting software
Revenue: NZ$3.15 million (FY2009 to 2010, ended 31 March)
Key customers: 22,000 plus mainly small business customers in more than 50 countries
Employees: 90 across four countries
Online accounting software firm Xero has experienced tremendous growth since its inception in 2006, having successfully broken into the UK and Australian markets. The company now has offices in Wellington, Auckland, Melbourne, Sydney, Brisbane and London. At the time of writing it is hiring for no fewer than 10 positions with staff numbers having nearly doubled in the last year.
“Xero’s focus is achieving break-even in the near-term and preparing to have a presence in the North American market. We remain optimistic about our international growth prospects and expect customer uptake and revenues to accelerate as the business is scaled up,” says founder and CEO Rod Drury. “Xero’s strategy has been to secure the necessary capital in order to invest in talented staff and in the development of delivery and service models.”
Xero aims to make business easier with the help of technology. Drury is also behind the push toward giving every local business a unique identifying number, much the same as the ABN in Australia or the EIN in Canada. Coupled with a common format for invoices, Drury says companies could routinely transact online, as well as save hours each week, within two to five years.
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