Xero Hits $100 Million in Annualized Monthly Revenue

Online accounting software maker Xero has passed $100 million in annualized committed monthly revenue and has achieved a 95 percent year-over-year growth rate in subscription revenue, the company announced on Wednesday. Already publicly traded in Australia and New Zealand, the company is slated for an IPO in the U.S. in 2015.

The company released the following customer, revenue and growth data:

371,000 paying customers globally vs. 211,000 this time last year, a 76 percent increase.
95 percent growth in subscription revenue to $44.2 million for the half year ended 30 September 2014 from $22.7m for the half year ended 30 September 2013.
Nearly 1,000 employees globally vs. 584 this time last year, a 70 percent increase

Xero is the leading web-based accounting software brand in New Zealand, Australia and the United Kingdom, and has increased its focus on the North American market, using $133 million to fund that growth.

To lead Xero’s global marketing strategy and further drive growth in the U.S., Xero announces the appointment of award-winning international marketer and digital innovator Andy Lark as the Xero Group’s Chief Marketing Officer.

Lark has more than 25 years of industry experience leading global marketing functions and working with some of the world’s best-known technology brands. He was Chief Marketing & Online Officer for a leading Australian financial institution, the Commonwealth Bank. Prior to that he spent the majority of his career in the U.S. and Europe in roles ranging from the chief marketing and communications officer of Dell Enterprise, Sun Microsystems and Nortel to founder and leadership positions in start-ups in Silicon Valley.