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== History ==
== History ==
In 2006, Xero was founded in a Wellington studio apartment by [[Rod Drury]] and Hamish Edwards,<ref>{{cite news|url=http://www.stuff.co.nz/business/industries/10519659/No-guts-no-glory-for-Xero-boss|title=No guts, no glory for Xero boss|first=Sally|last=Rose|date=21 September 2014|publisher=Stuff}}</ref> who felt that traditional [[Desktop software|desktop accounting software]] had become outdated. They decided to create a modern cloud-based product.<ref name="NZListenerHero"/><ref>{{Cite web|url=https://www.forbes.com/sites/halgregersen/2014/05/28/how-rod-drury-built-xero-from-a-small-set-of-rocks-in-the-south-pacific-into-a-global-player/|title=How Rod Drury Built Xero From A 'Small Set Of Rocks In The South Pacific' Into A Global Player|last=Gregersen|first=Hal|website=Forbes|language=en|access-date=2020-01-22}}</ref><ref name=":0" /> Xero Limited's global headquarters are still located in Wellington.<ref>{{Cite web|url=https://www.enterprisetimes.co.uk/2016/07/20/xero-grows-to-1-billion-revenue/|title=Xero grows to $1 Billion revenue -|last=Brooks|first=Steve|date=2016-07-20|website=Enterprise Times|language=en-GB|access-date=2019-06-27}}</ref>
Xero was founded in a Wellington studio apartment in 2006 by [[Rod Drury]] and his personal accountant when they felt that traditional [[Desktop software|desktop accounting software]] had become outdated and decided to create a modern cloud-based product.<ref>{{Cite web|url=https://www.stuff.co.nz/business/industries/10519659/No-guts-no-glory-for-Xero-boss|title=No guts, no glory for Xero boss|website=Stuff|language=en|access-date=2020-03-01}}</ref><ref>{{Cite web|url=https://www.forbes.com/sites/halgregersen/2014/05/28/how-rod-drury-built-xero-from-a-small-set-of-rocks-in-the-south-pacific-into-a-global-player/|title=How Rod Drury Built Xero From A 'Small Set Of Rocks In The South Pacific' Into A Global Player|last=Gregersen|first=Hal|website=Forbes|language=en|access-date=2020-01-22}}</ref><ref name=":0" /> Xero Limited's global headquarters are still located in Wellington.<ref>{{Cite web|url=https://www.enterprisetimes.co.uk/2016/07/20/xero-grows-to-1-billion-revenue/|title=Xero grows to $1 Billion revenue -|last=Brooks|first=Steve|date=2016-07-20|website=Enterprise Times|language=en-GB|access-date=2019-06-27}}</ref>


Originally called Accounting 2.0, the name was unpopular with the company’s staff and the decimal point made it impossible to register for an internet domain. The company changed the name to Xero, which also proved to be a challenge, as the existing xero.com domain was a [[Linkin Park]] fan site (Xero was Linkin Park’s original name). Drury flew the existing domain owner to New Zealand from the United States and ultimately convinced him to sell the domain for $20,000.<ref name=":0">{{Cite web|url=https://www.businessinsider.com/the-untold-story-how-xero-took-a-band-name-and-changed-accounting-for-a-million-companies-2017-9|title=THE UNTOLD STORY: How Xero took a band name and changed accounting for a million companies|website=Business Insider|access-date=2019-06-27}}</ref>
Originally called Accounting 2.0, the name was unpopular with the company’s staff and the decimal point made registering an internet domain name impossible. Changing the name to Xero, provided a challenge with the domain name, as the existing xero.com domain was a [[Linkin Park]] fan site (Xero was Linkin Park’s original name). Rod decided to fly the existing domain administrator to New Zealand from the United States, wined and dined him, and ultimately convinced him to sell the domain for $20,000.<ref name=":0">{{Cite web|url=https://www.businessinsider.com/the-untold-story-how-xero-took-a-band-name-and-changed-accounting-for-a-million-companies-2017-9|title=THE UNTOLD STORY: How Xero took a band name and changed accounting for a million companies|website=Business Insider|access-date=2019-06-27}}</ref>


The company entered the [[Australia|Australian market]] and the United Kingdom in 2008,<ref>{{cite news |date=23 July 2009 |title=Xero Chairman's Address for 2009 Annual Meeting |publisher=XERO |url=https://www.xero.com/media/37066/230709-xero-chairman-phil-normans-presentation-agm-2009.pdf |format=PDF |accessdate=24 May 2016}}</ref>{{Better source|date=January 2020}} and [[United States]] in 2011.<ref>{{cite news |date=21 July 2011 |title=Chairman's Address for 2011 Annual Meeting |publisher=XERO |url=https://www.xero.com/media/37039/210711-chairmans-address-xero-am.pdf |format=PDF |accessdate=24 May 2016}}</ref>{{Better source|date=January 2020}}
The company entered the [[Australia|Australian market]] and the United Kingdom in 2008,<ref>{{cite news |date=23 July 2009 |title=Xero Chairman's Address for 2009 Annual Meeting |publisher=XERO |url=https://www.xero.com/media/37066/230709-xero-chairman-phil-normans-presentation-agm-2009.pdf |format=PDF |accessdate=24 May 2016}}</ref>{{Better source|date=January 2020}} and [[United States]] in 2011.<ref>{{cite news |date=21 July 2011 |title=Chairman's Address for 2011 Annual Meeting |publisher=XERO |url=https://www.xero.com/media/37039/210711-chairmans-address-xero-am.pdf |format=PDF |accessdate=24 May 2016}}</ref>


In 2017, Xero surpassed one million customers globally,<ref>{{Cite news|url=https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=11828403|title=Accounting software firm Xero surpasses one million users worldwide|last=aimee.shaw@nzherald.co.nz @AceeyShaw|first=Aimee Shaw Aimee Shaw is a business reporter focusing on retail, small business|date=2017-03-29|access-date=2019-07-12|language=en-NZ|issn=1170-0777}}</ref> and the following year, in December 2018, Xero hit a million subscribers in its home markets of Australia and New Zealand.<ref>{{Cite web|url=https://www.reseller.co.nz/article/650373/xero-hits-million-mark-trans-tasman-subscribers/|title=Xero hits million mark for trans-Tasman subscribers|website=New Zealand Reseller News|access-date=2019-07-12}}</ref>
In 2017, Xero surpassed one million customers globally,<ref>{{Cite news|url=https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=11828403|title=Accounting software firm Xero surpasses one million users worldwide|last=aimee.shaw@nzherald.co.nz @AceeyShaw|first=Aimee Shaw Aimee Shaw is a business reporter focusing on retail, small business|date=2017-03-29|access-date=2019-07-12|language=en-NZ|issn=1170-0777}}</ref> and the following year, in December 2018, Xero hit a million subscribers in its home markets of Australia and New Zealand.<ref>{{Cite web|url=https://www.reseller.co.nz/article/650373/xero-hits-million-mark-trans-tasman-subscribers/|title=Xero hits million mark for trans-Tasman subscribers|website=New Zealand Reseller News|access-date=2019-07-12}}</ref>


Rod Drury stepped down as CEO on 31 March 2018, with Steve Vamos replacing the role in April 2018. Drury remains on the board as a non-executive director.<ref>{{Cite news|url=https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12006578|title=Xero CEO Rod Drury stepping down|last=holly.ryan@nzherald.co.nz @HollyRoseRyan|first=Holly Ryan Business writer, NZ Herald|date=2018-03-04|access-date=2019-07-12|language=en-NZ|issn=1170-0777}}</ref>
Rod Drury stepped down as CEO on 31 March 2018, with Steve Vamos replacing the role in April 2018. Rod remains on the board as a non-executive director.<ref>{{Cite news|url=https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12006578|title=Xero CEO Rod Drury stepping down|last=holly.ryan@nzherald.co.nz @HollyRoseRyan|first=Holly Ryan Business writer, NZ Herald|date=2018-03-04|access-date=2019-07-12|language=en-NZ|issn=1170-0777}}</ref>


In 2019, Xero announced it had hit 1.8 million subscribers, employed 2,500+ people around the world and achieved positive free cash flow for the first time.<ref>{{Cite web|url=https://www.smh.com.au/business/small-business/xero-hits-record-high-after-hitting-the-black-for-the-first-time-20190516-p51nwg.html|title=From Xero to $1 billion: Aussie tech company's founder joins global big time|last=Waters|first=Cara|date=2019-05-16|website=The Sydney Morning Herald|language=en|access-date=2019-07-12}}</ref>
In 2019, Xero announced it had hit 1.8 million subscribers, employed 2,500+ people around the world and achieved positive free cash flow for the first time.<ref>{{Cite web|url=https://www.smh.com.au/business/small-business/xero-hits-record-high-after-hitting-the-black-for-the-first-time-20190516-p51nwg.html|title=From Xero to $1 billion: Aussie tech company's founder joins global big time|last=Waters|first=Cara|date=2019-05-16|website=The Sydney Morning Herald|language=en|access-date=2019-07-12}}</ref>


==Funding==
==Funding==
Xero went public on the [[New Zealand Exchange]] on June 5, 2007, with a $15 million ([[New Zealand dollar|NZD]]) [[Initial public offering|IPO]], and gained 15% on its first trading day.<ref name="NZStock">{{cite news |last=Niesche |first=Christopher |title=Xero begins strongly | newspaper =New Zealand Herald |publisher= |date=6 June 2007 |url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10443821 |accessdate=15 January 2014}}</ref> Drury decided to list on the NZX, rather than receive investment from [[Silicon Valley]] in order to avoid being pressured into selling to a larger competing company.<ref name="PandoDailyBillion"/> It went public on the [[Australian Securities Exchange]] (ASX) in November 2012.<ref name="ZNSAAS"/><ref>{{Cite web|url=https://www.forbes.com/sites/tomiogeron/2012/11/30/peter-thiels-valar-ventures-joins-67-million-round-for-xero/|title=Peter Thiel's Valar Ventures Joins $67 Million Round For Xero|last=Geron|first=Tomio|website=Forbes|language=en|access-date=2020-01-22}}</ref> Xero transitioned to a sole listing on the ASX on February 5, 2018, and delisted from the NZX on February 2, 2018. January 31, 2018 was the last day Xero shares were traded on the NZX.{{Citation needed|date=January 2020}}
Xero went public on the [[New Zealand Exchange]] on June 5, 2007, with a $15 million ([[New Zealand dollar|NZD]]) [[Initial public offering|IPO]], gaining 15% on its first trading day.<ref name="NZStock">{{cite news |last=Niesche |first=Christopher |title=Xero begins strongly | newspaper =New Zealand Herald |publisher= |date=6 June 2007 |url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10443821 |accessdate=15 January 2014}}</ref> Drury decided to list on the NZX, rather than receive investment from [[Silicon Valley]] in order to avoid being pressured into selling to a larger competing company.<ref name="PandoDailyBillion"/> The company focused on the New Zealand market and product and development for its first five years before entering other markets. It went public on the [[Australian Securities Exchange]] (ASX) on November 8, 2012.<ref name="ZNSAAS"/><ref>{{Cite web|url=https://www.forbes.com/sites/tomiogeron/2012/11/30/peter-thiels-valar-ventures-joins-67-million-round-for-xero/|title=Peter Thiel's Valar Ventures Joins $67 Million Round For Xero|last=Geron|first=Tomio|website=Forbes|language=en|access-date=2020-01-22}}</ref> Xero transitioned to a sole listing on the ASX on February 5, 2018, delisting from the NZX on February 2, 2018. January 31, 2018 was the last day Xero shares were traded on the NZX.


In 2009, Xero closed a $23 million (NZD) round of funding led by [[MYOB (company)|MYOB]] founder, Craig Winkler.<ref>{{Cite web|url=https://www.smh.com.au/business/myob-founder-buys-into-rival-20141112-9zeu.html|title=MYOB founder buys into rival|last=Sharp|first=Ari|date=2009-04-07|website=The Sydney Morning Herald|language=en|access-date=2020-01-22}}</ref> It raised an additional $4 million (NZD) in 2010 from [[Peter Thiel]]'s [[Valar Ventures]].<ref>{{cite news |last=Wauters |first=Robin |title=Peter Thiel Invests $3 Million In Xero To Support Its US Expansion | newspaper =Tech Crunch |publisher= |date=22 October 2010 |url=https://techcrunch.com/2010/10/22/peter-thiel-xero/ |accessdate=15 January 2014}}</ref> In November 2012, it raised $49 million in a funding round, with the largest amounts coming from Peter Thiel and [[Matrix Partners|Matrix Capital]]. In May 2013, the company had raised more than $100 million and had a valuation of approximately $1.4 billion on the NZE.<ref name="PandoDailyBillion"/><ref>{{cite news |last=Williams |first=Alex |title=Peter Thiel And Existing Investors Put Another $49 Million In Accounting Software Company Xero | newspaper =Tech Crunch|publisher= |date=29 November 2012 |url=https://techcrunch.com/2012/11/29/peter-thiel-and-existing-investors-put-another-49-million-in-accounting-software-company-xero/|accessdate=15 January 2014}}</ref> This was prior to when the company received an additional $180 million (NZD) from Thiel and Matrix in October 2013, bringing total funding to more than $230 million.<ref>{{cite news |last=Lunden |first=Ingrid |title=Xero Zeros In On Another $150M To Do Battle With Intuit In The World Of Online SMB Accounting Software | newspaper =Tech Crunch|publisher= |date=13 October 2013 |url=https://techcrunch.com/2013/10/13/xero-zeros-in-on-another-150m-to-do-battle-with-intuit-in-the-world-of-online-smb-accounting-software/|accessdate=15 January 2014}}</ref> Xero raised an additional $100 million from [[Accel Partners|Accel]] and $10.8 million from [[Matrix Partners|Matrix Capital]] in February 25, 2015.<ref>{{Cite web|url=https://e27.co/xero-secures-us141m-accel-partners-matrix-capital-management-20150225/|title=Xero secures US$141M from Accel Partners, Matrix Capital Management|website=e27|language=en|access-date=2020-01-22}}</ref> On October 5, 2018, Xero announced a settlement of $300 million (USD) in convertible notes. The capital raise was groundbreaking for a New Zealand or Australian company not listed in the United States, and the company was awarded best hybrid deal of 2018 by Finance Asia.<ref>{{Cite web|url=https://www.financeasia.com/article/achievement-awards-2018-australia-nz-part-1/448805|title=Achievement Awards 2018 – Australia/NZ Part 1 {{!}} australia awards, achievement awards, awards, australia, new zealand|last=Editors|first=FinanceAsia|website=FinanceAsia|access-date=2019-07-04}}</ref>
Xero has also received funding from various investors. In 2009, it closed a $23 million (NZD) round of funding led by [[MYOB (company)|MYOB]] founder, Craig Winkler.<ref>{{Cite web|url=https://www.smh.com.au/business/myob-founder-buys-into-rival-20141112-9zeu.html|title=MYOB founder buys into rival|last=Sharp|first=Ari|date=2009-04-07|website=The Sydney Morning Herald|language=en|access-date=2020-01-22}}</ref> 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.<ref>{{cite news |last=Wauters |first=Robin |title=Peter Thiel Invests $3 Million In Xero To Support Its US Expansion | newspaper =Tech Crunch |publisher= |date=22 October 2010 |url=https://techcrunch.com/2010/10/22/peter-thiel-xero/ |accessdate=15 January 2014}}</ref> It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and [[Matrix Partners|Matrix Capital]]. It was reported by [[PandoDaily]] that the company had raised more than $100 million and had a valuation of approximately $1.4 billion on the NZE as of May 2013.<ref name="PandoDailyBillion" /><ref>{{cite news |last=Williams |first=Alex |title=Peter Thiel And Existing Investors Put Another $49 Million In Accounting Software Company Xero | newspaper =Tech Crunch|publisher= |date=29 November 2012 |url=https://techcrunch.com/2012/11/29/peter-thiel-and-existing-investors-put-another-49-million-in-accounting-software-company-xero/|accessdate=15 January 2014}}</ref> This was prior to when the company received an additional $180 million (NZD) from Thiel and Matrix in October 2013, bringing total funding to more than $230 million.<ref>{{cite news |last=Lunden |first=Ingrid |title=Xero Zeros In On Another $150M To Do Battle With Intuit In The World Of Online SMB Accounting Software | newspaper =Tech Crunch|publisher= |date=13 October 2013 |url=https://techcrunch.com/2013/10/13/xero-zeros-in-on-another-150m-to-do-battle-with-intuit-in-the-world-of-online-smb-accounting-software/|accessdate=15 January 2014}}</ref> Xero raised an additional $100 million from [[Accel Partners|Accel]] and $10.8 million from [[Matrix Partners|Matrix Capital]] in February 25, 2015.<ref>{{Cite web|url=https://e27.co/xero-secures-us141m-accel-partners-matrix-capital-management-20150225/|title=Xero secures US$141M from Accel Partners, Matrix Capital Management|website=e27|language=en|access-date=2020-01-22}}</ref> On October 5, 2018, Xero announced a settlement of $300 million (USD) in convertible notes. The capital raise was groundbreaking for a New Zealand or Australian company not listed in the United States, and the company was awarded [https://www.financeasia.com/article/achievement-awards-2018-australia-nz-part-1/448805 best hybrid deal of 2018 by Finance Asia].<ref>{{Cite web|url=https://www.financeasia.com/article/achievement-awards-2018-australia-nz-part-1/448805|title=Achievement Awards 2018 – Australia/NZ Part 1 {{!}} australia awards, achievement awards, awards, australia, new zealand|last=Editors|first=FinanceAsia|website=FinanceAsia|access-date=2019-07-04}}</ref>


===Acquisitions and strategic partnerships===
===Acquisitions and strategic partnerships===


In July 2011, Xero acquired the Australian online payroll provider Paycycle for a mixture of cash and shares totaling $1.9 million (NZD). The acquisition allowed Xero to integrate payroll into their Australian product offering.<ref>{{cite web|last=Rogers|first=Claire|title=Xero buys payroll firm to boost Aust growth|url=http://www.stuff.co.nz/business/5323260/Xero-buys-payroll-provider-to-boost-Australian-growth|publisher=Stuff.co.nz|accessdate=19 September 2013}}</ref> In July 2012, it acquired Spotlight Workpapers for a mixture of cash and shares totaling $800,000.{{Citation needed|date=January 2020}}
Xero has acquired several companies since its launch. In July 2011, the company acquired the Australian online payroll provider Paycycle for a mixture of cash and shares totaling $1.9 million (NZD). The acquisition allowed Xero to integrate payroll into their Australian product offering.<ref>{{cite web|last=Rogers|first=Claire|title=Xero buys payroll firm to boost Aust growth|url=http://www.stuff.co.nz/business/5323260/Xero-buys-payroll-provider-to-boost-Australian-growth|publisher=Stuff.co.nz|accessdate=19 September 2013}}</ref> It acquired Spotlight Workpapers in July 2012 for a mixture of cash and shares totaling $800,000.


The same year it acquired WorkflowMax for cash and shares totaling $6 million (NZD).{{Citation needed|date=January 2020}}
The same year it acquired online job, time, and invoice management solution WorkflowMax for cash and shares totalling spot $6 million (NZD).


In July 2018, Xero announced a strategic alliance with US payroll platform Gusto.<ref>{{Cite news|url=https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12092345|title=Xero forms alliance with US payrolls platform Gusto|last=jamie.gray@nzherald.co.nz @JamieGrayNZ|first=Jamie Gray Business reporter, NZ Herald|date=2018-07-19|access-date=2019-07-12|language=en-NZ|issn=1170-0777}}</ref>
In July 2018, Xero announced a strategic alliance with US payroll platform Gusto.<ref>{{Cite news|url=https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12092345|title=Xero forms alliance with US payrolls platform Gusto|last=jamie.gray@nzherald.co.nz @JamieGrayNZ|first=Jamie Gray Business reporter, NZ Herald|date=2018-07-19|access-date=2019-07-12|language=en-NZ|issn=1170-0777}}</ref>


In August 2018, Xero acquired Hubdoc, a data capture solution.<ref>{{Cite web|url=https://www.finextra.com/pressarticle/74943/xero-acquires-hubdoc|title=Xero acquires Hubdoc|date=2018-08-01|website=Finextra Research|language=en|access-date=2019-07-12}}</ref>
In August 2018, Xero acquired Hubdoc, a data capture solution.<ref>{{Cite web|url=https://www.finextra.com/pressarticle/74943/xero-acquires-hubdoc|title=Xero acquires Hubdoc|date=2018-08-01|website=Finextra Research|language=en|access-date=2019-07-12}}</ref> Xero paid the acquisition price for Hubdoc in two stages, initially US$60 million consisting of 35% cash and 65% in Xero equity. A 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.


In November 2018, Xero acquired Instafile, a cloud-based accounts preparation and tax filing service for £5.25 million (GBP).<ref>{{Cite web|url=https://www.enterprisetimes.co.uk/2018/11/16/xero-acquires-instafile-for-5-25-million/|title=Xero acquires Instafile for £5.25 million -|last=Brooks|first=Steve|date=2018-11-16|website=Enterprise Times|language=en-GB|access-date=2020-01-22}}</ref>
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.<ref>{{Cite web|url=https://www.enterprisetimes.co.uk/2018/11/16/xero-acquires-instafile-for-5-25-million/|title=Xero acquires Instafile for £5.25 million -|last=Brooks|first=Steve|date=2018-11-16|website=Enterprise Times|language=en-GB|access-date=2020-01-22}}</ref>


==Product==
==Product==
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In 2011, Xero released the Xero Touch mobile apps for iOS and Android devices,<ref>{{cite web |last=Fineberg |first=Seth |title=Xero Debuts Mobile App for Android |publisher=Accounting Today |url=http://www.accountingtoday.com/accounting-technology/news/Xero-Debuts-Mobile-App-for-Android64178-1.html |accessdate=9 September 2013}}</ref> allowing users to issue invoices while on-site with clients.<ref name="SmithXeroDummies2013">{{cite book |last=Smith |first=Heather |authorlink=Heather_Smith_(author) |date=23 May 2013 |title=Xero For Dummies |publisher=John Wiley & Sons |isbn=978-1-118-57252-8 |page=35 |url=https://books.google.com/books?id=drOF19aBKfgC&pg=PT25}}</ref>
In 2011, Xero released the Xero Touch mobile apps for iOS and Android devices,<ref>{{cite web |last=Fineberg |first=Seth |title=Xero Debuts Mobile App for Android |publisher=Accounting Today |url=http://www.accountingtoday.com/accounting-technology/news/Xero-Debuts-Mobile-App-for-Android64178-1.html |accessdate=9 September 2013}}</ref> allowing users to issue invoices while on-site with clients.<ref name="SmithXeroDummies2013">{{cite book |last=Smith |first=Heather |authorlink=Heather_Smith_(author) |date=23 May 2013 |title=Xero For Dummies |publisher=John Wiley & Sons |isbn=978-1-118-57252-8 |page=35 |url=https://books.google.com/books?id=drOF19aBKfgC&pg=PT25}}</ref>


Xero also supports multiple tax rates and currencies.<ref>{{Cite web|url=https://www.xero.com/nz/features-and-tools/accounting-software/multi-currency/|title=Multi-currency accounting in Xero|website=Xero|language=en|access-date=2019-07-12}}</ref> It also incorporates payroll, projects and expenses features.
Xero also supports multiple tax rates and currencies.<ref>{{Cite web|url=https://www.xero.com/nz/features-and-tools/accounting-software/multi-currency/|title=Multi-currency accounting in Xero|website=Xero|language=en|access-date=2019-07-12}}</ref> It also incorporates payroll, projects and expenses features. On August 16, 2016, Xero announced its partnership with PayPal, and in June 2019, Xero announced it was partnering with global payments processor, Stripe. These partnerships allow invoices to be paid directly from the invoice.


In the 2019 financial year, Xero embraced Making Tax Digital in the United Kingdom,<ref>{{Cite web|url=https://www.accountancyage.com/2018/11/15/xero-is-preparing-for-making-tax-digital/|title=Xero is preparing for Making Tax Digital|date=2018-11-15|website=Accountancy Age|language=en-GB|access-date=2019-07-12}}</ref> Single Touch Payroll in Australia<ref>{{Cite web|url=https://www.itwire.com/accounting-software/85433-xero-says-small-businesses-rushing-to-go-digital-as-stp-deadline-approaches.html|title=Xero says 'small businesses rushing to go digital as STP deadline approaches'|last=Zaharov-Reutt|first=Alex|date=28 November 2018|website=iwire}}</ref> and Payday Filing in New Zealand,<ref>{{Cite web|url=https://www.reseller.co.nz/article/656537/tax-refund-agents-weigh-futures-ird-prepares-huge-software-release/|title=Tax refund agents weigh futures as IRD prepares huge software release|website=New Zealand Reseller News|access-date=2019-07-12}}</ref>  allowing subscribers to manage their compliance obligations through the Xero platform.
In the 2019 financial year, Xero embraced Making Tax Digital in the United Kingdom,<ref>{{Cite web|url=https://www.accountancyage.com/2018/11/15/xero-is-preparing-for-making-tax-digital/|title=Xero is preparing for Making Tax Digital|date=2018-11-15|website=Accountancy Age|language=en-GB|access-date=2019-07-12}}</ref> Single Touch Payroll in Australia<ref>{{Cite web|url=https://www.itwire.com/accounting-software/85433-xero-says-small-businesses-rushing-to-go-digital-as-stp-deadline-approaches.html|title=Xero says 'small businesses rushing to go digital as STP deadline approaches'|last=Zaharov-Reutt|first=Alex|date=28 November 2018|website=iwire}}</ref> and Payday Filing in New Zealand,<ref>{{Cite web|url=https://www.reseller.co.nz/article/656537/tax-refund-agents-weigh-futures-ird-prepares-huge-software-release/|title=Tax refund agents weigh futures as IRD prepares huge software release|website=New Zealand Reseller News|access-date=2019-07-12}}</ref>  allowing subscribers to manage their compliance obligations through the Xero platform.


== Awards and recognition ==
== Awards and recognition ==
In 2007 Xero received the Overall Partner Solution of the Year for Small Business and also featured as part of a Microsoft case study.<ref>''"[http://www.microsoft.com/casestudies/Microsoft-Office-2007-Suites/Xero/Software-Developer-Improves-Service-Levels-With-Superior-Database-Technology-Flexible-Licenses/4000000668 Software Developer Improves Service Levels With Superior Database Technology, Flexible Licenses]". Microsoft Corporation. 10 September 2007. Retrieved 16 January 2014."''</ref> The company was the recipient of two [[Webby Award|Webby Awards]] in 2009, including the People's Choice Award for Banking/Bill Pay.<ref>{{Cite web|url=http://www.scoop.co.nz/stories/BU1010/S00694/paypal-founder-pumps-4mln-into-xero.htm|title=PayPal founder pumps $4mln into Xero {{!}} Scoop News|last=Friday|last2=October 2010|first2=22|website=www.scoop.co.nz|access-date=2019-07-12|last3=BusinessDesk|first3=11:02 am Article:}}</ref> It was recognized again with a Webby in 2010 for Web Services & Applications. It received a Fast Company Innovation by Design Award in 2012.<ref>{{Cite web|url=https://www.webbyawards.com/winners/2010/web/general-website-categories/web-services-applications/xero/?/|title=Xero -- The Webby Awards|language=en-US|access-date=2019-07-12}}</ref> and was recognized as one of the 10 Smart Financial Apps to Solve Small Business Accounting Challenges by [[YFS Magazine]] in 2013.<ref>{{Cite web|url=https://yfsmagazine.com/2013/01/04/10-smart-financial-apps-to-solve-small-business-accounting-challenges/|title=10 Smart Financial Apps to Solve Small Business Accounting Challenges|date=2013-01-04|website=YFS Magazine|language=en-US|access-date=2019-07-12}}</ref><ref>{{Cite web|url=https://www.digitalgrog.com.au/accounting/is-xero-online-accounting-suitable-for-small-business/|title=Is xero online accounting suitable for small business {{!}} Digital Grog {{!}} Technology Blog Australia|website=www.digitalgrog.com.au|access-date=2019-07-12}}</ref> Additional awards in 2013 included the Awesome Application Award from the Sleeter Group and the New Zealand Company of the Year from Hi-Tech.<ref>{{Cite web|url=https://www.nbr.co.nz/article/xero-and-vend-big-winners-nz-hi-tech-awards-2013-ck-140337|title=Xero and Vend big winners at NZ Hi-Tech Awards 2013|date=2013-05-18|website=The National Business Review|language=en|access-date=2019-07-12}}</ref> In June 2014, Xero topped the ''[[Forbes]]'' magazine "100 most innovative growth companies" list.<ref>{{Cite web|url=https://www.forbes.com/growth-companies/list/|title=Most Innovative Growth Companies|website=Forbes|language=en|access-date=2019-07-12}}</ref> Also in 2014, the company was named one of ''[[Macworld]]'''s recommended online business accounting apps.<ref>{{Cite web|url=https://www.macworld.com/article/2104703/top-choice-our-favorite-online-based-business-accounting-apps.html|title=Top Choice: Our favorite online-based business accounting apps|date=2014-03-10|website=Macworld|language=en|access-date=2019-07-12}}</ref> In January 2015, Xero was crowned best accounting software in the Cloudswave Awards with a score of 83,<ref>{{Cite news|url=https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11946880|title=Deloitte Top 200: Visionary Leader - Rod Drury, Xero|last=Skellern|first=Graham|date=2017-11-23|access-date=2019-07-12|language=en-NZ|issn=1170-0777}}</ref>and New Zealand Company of the Year from Hi-Tech for the second time. <ref>{{Cite web|url=https://www.nbr.co.nz/article/hi-tech-awards-2015-winners-named-172831|title=Hi-Tech Awards 2015 winners named|date=2015-05-16|website=The National Business Review|language=en|access-date=2019-07-12}}</ref>Xero won Product of the Year at the British Accountancy Awards 2017<ref>{{Cite web|url=https://www.britishaccountancyawards.co.uk/2017-winners/|title=2017 Winners|website=British Accountancy Awards|language=en-US|access-date=2019-07-12}}</ref> and also won Best Overall Fintech platform by the Fintech Breakthrough Awards in 2017.<ref>{{Cite web|url=https://fintechbreakthrough.com/2017-winners/|title=2017 Winners {{!}} FinTech Breakthrough Awards|language=en-US|access-date=2019-07-12}}</ref> The company was rated by [[CANSTAR]] Blue as Australia’s best accounting software four consecutive years from 2015-2018.<ref>{{Cite web|url=https://www.canstarblue.com.au/stores-services/accounting-software/|title=Accounting Software {{!}} 2018 Reviews & Ratings|website=Canstar Blue|language=en-US|access-date=2019-07-12}}</ref> On the inaugural 2018 Financial Times FT1000 High-Growth Companies Asia Pacific list, Xero was the fastest growing tech company in the $200 million+ segment. In 2018 Xero also won ‘Bookkeeping software of the Year’ from the Institute of Certified Bookkeepers UK and Small Business Accounting Software of the Year' – Practitioners’ Cchoice’ from members of AccountingWeb (UK).
In 2007 Xero received the Overall Partner Solution of the Year for Small Business and also featured as part of a Microsoft case study.<ref>''"[http://www.microsoft.com/casestudies/Microsoft-Office-2007-Suites/Xero/Software-Developer-Improves-Service-Levels-With-Superior-Database-Technology-Flexible-Licenses/4000000668 Software Developer Improves Service Levels With Superior Database Technology, Flexible Licenses]". Microsoft Corporation. 10 September 2007. Retrieved 16 January 2014."''</ref> The company was the recipient of two [[Webby Award|Webby Awards]] in 2009, including the People's Choice Award for Banking/Bill Pay.<ref>{{Cite web|url=http://www.scoop.co.nz/stories/BU1010/S00694/paypal-founder-pumps-4mln-into-xero.htm|title=PayPal founder pumps $4mln into Xero {{!}} Scoop News|last=Friday|last2=October 2010|first2=22|website=www.scoop.co.nz|access-date=2019-07-12|last3=BusinessDesk|first3=11:02 am Article:}}</ref> It was recognized again with a Webby in 2010 for Web Services & Applications. It received a Fast Company Innovation by Design Award in 2012.<ref>{{Cite web|url=https://www.webbyawards.com/winners/2010/web/general-website-categories/web-services-applications/xero/?/|title=Xero -- The Webby Awards|language=en-US|access-date=2019-07-12}}</ref> and was recognized as one of the 10 Smart Financial Apps to Solve Small Business Accounting Challenges by [[YFS Magazine]] in 2013.<ref>{{Cite web|url=https://yfsmagazine.com/2013/01/04/10-smart-financial-apps-to-solve-small-business-accounting-challenges/|title=10 Smart Financial Apps to Solve Small Business Accounting Challenges|date=2013-01-04|website=YFS Magazine|language=en-US|access-date=2019-07-12}}</ref><ref>{{Cite web|url=https://www.digitalgrog.com.au/accounting/is-xero-online-accounting-suitable-for-small-business/|title=Is xero online accounting suitable for small business {{!}} Digital Grog {{!}} Technology Blog Australia|website=www.digitalgrog.com.au|access-date=2019-07-12}}</ref> Additional awards in 2013 included the Awesome Application Award from the Sleeter Group and the New Zealand Company of the Year from Hi-Tech.<ref>{{Cite web|url=https://www.nbr.co.nz/article/xero-and-vend-big-winners-nz-hi-tech-awards-2013-ck-140337|title=Xero and Vend big winners at NZ Hi-Tech Awards 2013|date=2013-05-18|website=The National Business Review|language=en|access-date=2019-07-12}}</ref> In June 2014, Xero topped the ''[[Forbes]]'' magazine "100 most innovative growth companies" list.<ref>{{Cite web|url=https://www.forbes.com/growth-companies/list/|title=Most Innovative Growth Companies|website=Forbes|language=en|access-date=2019-07-12}}</ref> Also in 2014, the company was named one of ''[[Macworld]]'''s recommended online business accounting apps.<ref>{{Cite web|url=https://www.macworld.com/article/2104703/top-choice-our-favorite-online-based-business-accounting-apps.html|title=Top Choice: Our favorite online-based business accounting apps|date=2014-03-10|website=Macworld|language=en|access-date=2019-07-12}}</ref> In January 2015, Xero was crowned best accounting software in the Cloudswave Awards with a score of 83,<ref>{{Cite news|url=https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11946880|title=Deloitte Top 200: Visionary Leader - Rod Drury, Xero|last=Skellern|first=Graham|date=2017-11-23|access-date=2019-07-12|language=en-NZ|issn=1170-0777}}</ref>and New Zealand Company of the Year from Hi-Tech for the second time. <ref>{{Cite web|url=https://www.nbr.co.nz/article/hi-tech-awards-2015-winners-named-172831|title=Hi-Tech Awards 2015 winners named|date=2015-05-16|website=The National Business Review|language=en|access-date=2019-07-12}}</ref>Xero won Product of the Year at the British Accountancy Awards 2017<ref>{{Cite web|url=https://www.britishaccountancyawards.co.uk/2017-winners/|title=2017 Winners|website=British Accountancy Awards|language=en-US|access-date=2019-07-12}}</ref> and also won Best Overall Fintech platform by the Fintech Breakthrough Awards in 2017.<ref>{{Cite web|url=https://fintechbreakthrough.com/2017-winners/|title=2017 Winners {{!}} FinTech Breakthrough Awards|language=en-US|access-date=2019-07-12}}</ref> The company was rated by Canstar Blue as Australia’s best accounting software four consecutive years from 2015-2018.<ref>{{Cite web|url=https://www.canstarblue.com.au/stores-services/accounting-software/|title=Accounting Software {{!}} 2018 Reviews & Ratings|website=Canstar Blue|language=en-US|access-date=2019-07-12}}</ref> On the inaugural 2018 Financial Times FT1000 High-Growth Companies Asia Pacific list, Xero was the fastest growing tech company in the $200 million+ segment. In 2018 Xero also won ‘Bookkeeping software of the Year’ from the Institute of Certified Bookkeepers UK and Small Business Accounting Software of the Year' – Practitioners’ Choice’ from members of AccountingWeb (UK).


==See also==
==See also==

Revision as of 22:38, 1 March 2020

Xero Limited
Company typePublic
ASX: XRO
IndustrySoftware as a Service (SaaS)
FoundedNew Zealand (2006)
Headquarters
Wellington
,
New Zealand
Key people
  • Graham Smith
  • (Chairman of the Board)
  • Rod Drury
  • (Founder & Director)
  • Steve Vamos
  • (CEO)
ProductsAccounting software
Revenue
  • Increase NZ$ 552.8 million
  • (FY MAR. 31, 2018)
  • Increase NZ$ -28.67 million
  • (FY MAR. 31, 2018)
  • Increase NZ$ -27.84 million
  • (FY MAR. 31, 2018)
Total assets
  • Decrease NZ$ 117.98 million
  • (FY MAR. 31, 2018)
Total equity
  • Decrease NZ$ 223.13 million
  • (FY MAR. 31, 2018)
Number of employees
  • Increase 2500+
  • (FY MAR. 31, 2019)
WebsiteXero.com
Footnotes / references
[1][2][3][4][5]

Xero is a New Zealand domiciled public technology company, listed on the Australian Stock Exchange.[6] Xero offers a cloud-based accounting software platform for small and medium-sized businesses. 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),[7] three offices in the United States (Denver, San Francisco and New York), as well as offices in Canada, Singapore, Hong Kong and South Africa.[8]

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.[9] Its products are used in over 180 different countries.[10][11]

History

Xero was founded in a Wellington studio apartment in 2006 by Rod Drury and his personal accountant when they felt that traditional desktop accounting software had become outdated and decided to create a modern cloud-based product.[12][13][14] Xero Limited's global headquarters are still located in Wellington.[15]

Originally called Accounting 2.0, the name was unpopular with the company’s staff and the decimal point made registering an internet domain name impossible. Changing the name to Xero, provided a challenge with the domain name, as the existing xero.com domain was a Linkin Park fan site (Xero was Linkin Park’s original name). Rod decided to fly the existing domain administrator to New Zealand from the United States, wined and dined him, and ultimately convinced him to sell the domain for $20,000.[14]

The company entered the Australian market and the United Kingdom in 2008,[16][better source needed] and United States in 2011.[17]

In 2017, Xero surpassed one million customers globally,[18] and the following year, in December 2018, Xero hit a million subscribers in its home markets of Australia and New Zealand.[19]

Rod Drury stepped down as CEO on 31 March 2018, with Steve Vamos replacing the role in April 2018. Rod remains on the board as a non-executive director.[20]

In 2019, Xero announced it had hit 1.8 million subscribers, employed 2,500+ people around the world and achieved positive free cash flow for the first time.[21]

Funding

Xero went public on the New Zealand Exchange on June 5, 2007, with a $15 million (NZD) IPO, gaining 15% on its first trading day.[22] Drury decided to list on the NZX, rather than receive investment from Silicon Valley in order to avoid being pressured into selling to a larger competing company.[7] The company focused on the New Zealand market and product and development for its first five years before entering other markets. It went public on the Australian Securities Exchange (ASX) on November 8, 2012.[3][23] Xero transitioned to a sole listing on the ASX on February 5, 2018, delisting from the NZX on February 2, 2018. January 31, 2018 was the last day Xero shares were traded on the NZX.

Xero has also received funding from various investors. In 2009, it closed a $23 million (NZD) round of funding led by MYOB founder, Craig Winkler.[24] 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.[25] It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital. It was reported by PandoDaily that the company had raised more than $100 million and had a valuation of approximately $1.4 billion on the NZE as of May 2013.[7][26] This was prior to when the company received an additional $180 million (NZD) from Thiel and Matrix in October 2013, bringing total funding to more than $230 million.[27] Xero raised an additional $100 million from Accel and $10.8 million from Matrix Capital in February 25, 2015.[28] On October 5, 2018, Xero announced a settlement of $300 million (USD) in convertible notes. The capital raise was groundbreaking for a New Zealand or Australian company not listed in the United States, and the company was awarded best hybrid deal of 2018 by Finance Asia.[29]

Acquisitions and strategic partnerships

Xero has acquired several companies since its launch. In July 2011, the company acquired the Australian online payroll provider Paycycle for a mixture of cash and shares totaling $1.9 million (NZD). The acquisition allowed Xero to integrate payroll into their Australian product offering.[30] It acquired Spotlight Workpapers in July 2012 for a mixture of cash and shares totaling $800,000.

The same year it acquired online job, time, and invoice management solution WorkflowMax for cash and shares totalling spot $6 million (NZD).

In July 2018, Xero announced a strategic alliance with US payroll platform Gusto.[31]

In August 2018, Xero acquired Hubdoc, a data capture solution.[32] Xero paid the acquisition price for Hubdoc in two stages, initially US$60 million consisting of 35% cash and 65% in Xero equity. A 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.

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.[33]

Product

Xero’s single unified ledger, allows users to work in the same set of books regardless of location or operating system.[34]

Its key features include automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting. Xero has more than 200 secure connections with banks and financial service partners around the world. A free API also enables customers and 3rd-party software vendors to integrate external applications with Xero. Xero has integrations with 700+ third party apps, and there are over 50,000 users of Xero’s API developer tools.[35][36]

In 2011, Xero released the Xero Touch mobile apps for iOS and Android devices,[37] allowing users to issue invoices while on-site with clients.[38]

Xero also supports multiple tax rates and currencies.[39] It also incorporates payroll, projects and expenses features. On August 16, 2016, Xero announced its partnership with PayPal, and in June 2019, Xero announced it was partnering with global payments processor, Stripe. These partnerships allow invoices to be paid directly from the invoice.

In the 2019 financial year, Xero embraced Making Tax Digital in the United Kingdom,[40] Single Touch Payroll in Australia[41] and Payday Filing in New Zealand,[42]  allowing subscribers to manage their compliance obligations through the Xero platform.

Awards and recognition

In 2007 Xero received the Overall Partner Solution of the Year for Small Business and also featured as part of a Microsoft case study.[43] The company was the recipient of two Webby Awards in 2009, including the People's Choice Award for Banking/Bill Pay.[44] It was recognized again with a Webby in 2010 for Web Services & Applications. It received a Fast Company Innovation by Design Award in 2012.[45] and was recognized as one of the 10 Smart Financial Apps to Solve Small Business Accounting Challenges by YFS Magazine in 2013.[46][47] Additional awards in 2013 included the Awesome Application Award from the Sleeter Group and the New Zealand Company of the Year from Hi-Tech.[48] In June 2014, Xero topped the Forbes magazine "100 most innovative growth companies" list.[49] Also in 2014, the company was named one of Macworld's recommended online business accounting apps.[50] In January 2015, Xero was crowned best accounting software in the Cloudswave Awards with a score of 83,[51]and New Zealand Company of the Year from Hi-Tech for the second time. [52]Xero won Product of the Year at the British Accountancy Awards 2017[53] and also won Best Overall Fintech platform by the Fintech Breakthrough Awards in 2017.[54] The company was rated by Canstar Blue as Australia’s best accounting software four consecutive years from 2015-2018.[55] On the inaugural 2018 Financial Times FT1000 High-Growth Companies Asia Pacific list, Xero was the fastest growing tech company in the $200 million+ segment. In 2018 Xero also won ‘Bookkeeping software of the Year’ from the Institute of Certified Bookkeepers UK and Small Business Accounting Software of the Year' – Practitioners’ Choice’ from members of AccountingWeb (UK).

See also

References

  1. ^ "Xero Limited Annual Report (Fiscal Year: March 31, 2018)" (PDF). Xero Limited. Retrieved November 27, 2018.
  2. ^ Laugesen, Ruth (17 October 2013). "From Xero a hero". New Zealand Listener (subscription required). Retrieved 15 January 2014.
  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. ^ "Australian Securities Exchange", Wikipedia, 2019-06-16, retrieved 2019-06-26
  7. ^ a b c 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.
  8. ^ Campbell, Anita (13 October 2013). "Small Biz Accounting Software Space Heats Up As Xero Raises $150 Million". Small Biz Trends. Retrieved 15 January 2014.
  9. ^ Robins, Brian (6 November 2013). "Sharemarket darling Xero dubbed 'Apple of accounting'". The Sydney Morning Herald. Retrieved 15 January 2014.
  10. ^ "Xero grows to $1 Billion revenue - Enterprise Times". Enterprise Times. 2016-07-20. Retrieved 2018-05-30.
  11. ^ holly.ryan@nzherald.co.nz @HollyRoseRyan, Holly Ryan Business writer, NZ Herald (2018-05-09). "Xero halves losses, closes in on profitability". ISSN 1170-0777. Retrieved 2019-07-12. {{cite news}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  12. ^ "No guts, no glory for Xero boss". Stuff. Retrieved 2020-03-01.
  13. ^ Gregersen, Hal. "How Rod Drury Built Xero From A 'Small Set Of Rocks In The South Pacific' Into A Global Player". Forbes. Retrieved 2020-01-22.
  14. ^ a b "THE UNTOLD STORY: How Xero took a band name and changed accounting for a million companies". Business Insider. Retrieved 2019-06-27.
  15. ^ Brooks, Steve (2016-07-20). "Xero grows to $1 Billion revenue -". Enterprise Times. Retrieved 2019-06-27.
  16. ^ "Xero Chairman's Address for 2009 Annual Meeting" (PDF). XERO. 23 July 2009. Retrieved 24 May 2016.
  17. ^ "Chairman's Address for 2011 Annual Meeting" (PDF). XERO. 21 July 2011. Retrieved 24 May 2016.
  18. ^ aimee.shaw@nzherald.co.nz @AceeyShaw, Aimee Shaw Aimee Shaw is a business reporter focusing on retail, small business (2017-03-29). "Accounting software firm Xero surpasses one million users worldwide". ISSN 1170-0777. Retrieved 2019-07-12. {{cite news}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  19. ^ "Xero hits million mark for trans-Tasman subscribers". New Zealand Reseller News. Retrieved 2019-07-12.
  20. ^ holly.ryan@nzherald.co.nz @HollyRoseRyan, Holly Ryan Business writer, NZ Herald (2018-03-04). "Xero CEO Rod Drury stepping down". ISSN 1170-0777. Retrieved 2019-07-12. {{cite news}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  21. ^ Waters, Cara (2019-05-16). "From Xero to $1 billion: Aussie tech company's founder joins global big time". The Sydney Morning Herald. Retrieved 2019-07-12.
  22. ^ Niesche, Christopher (6 June 2007). "Xero begins strongly". New Zealand Herald. Retrieved 15 January 2014.
  23. ^ Geron, Tomio. "Peter Thiel's Valar Ventures Joins $67 Million Round For Xero". Forbes. Retrieved 2020-01-22.
  24. ^ Sharp, Ari (2009-04-07). "MYOB founder buys into rival". The Sydney Morning Herald. Retrieved 2020-01-22.
  25. ^ Wauters, Robin (22 October 2010). "Peter Thiel Invests $3 Million In Xero To Support Its US Expansion". Tech Crunch. Retrieved 15 January 2014.
  26. ^ 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.
  27. ^ 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.
  28. ^ "Xero secures US$141M from Accel Partners, Matrix Capital Management". e27. Retrieved 2020-01-22.
  29. ^ Editors, FinanceAsia. "Achievement Awards 2018 – Australia/NZ Part 1 | australia awards, achievement awards, awards, australia, new zealand". FinanceAsia. Retrieved 2019-07-04. {{cite web}}: |last= has generic name (help)
  30. ^ Rogers, Claire. "Xero buys payroll firm to boost Aust growth". Stuff.co.nz. Retrieved 19 September 2013.
  31. ^ jamie.gray@nzherald.co.nz @JamieGrayNZ, Jamie Gray Business reporter, NZ Herald (2018-07-19). "Xero forms alliance with US payrolls platform Gusto". ISSN 1170-0777. Retrieved 2019-07-12. {{cite news}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  32. ^ "Xero acquires Hubdoc". Finextra Research. 2018-08-01. Retrieved 2019-07-12.
  33. ^ Brooks, Steve (2018-11-16). "Xero acquires Instafile for £5.25 million -". Enterprise Times. Retrieved 2020-01-22.
  34. ^ Lam, Greg (2 July 2013). "Cloud Accounting Comparison – Data Import and Export". Sleeter. Retrieved 16 January 2014.
  35. ^ Lam, Greg. "Xero Review". The Small Biz Doer. Retrieved 19 September 2013.
  36. ^ LaBarre, Suzanne (25 February 2012). "Xero Reinvents Accounting For Small Businesses, With Superb UI Design". Fast Code Design. Retrieved 15 January 2014.
  37. ^ Fineberg, Seth. "Xero Debuts Mobile App for Android". Accounting Today. Retrieved 9 September 2013.
  38. ^ Smith, Heather (23 May 2013). Xero For Dummies. John Wiley & Sons. p. 35. ISBN 978-1-118-57252-8.
  39. ^ "Multi-currency accounting in Xero". Xero. Retrieved 2019-07-12.
  40. ^ "Xero is preparing for Making Tax Digital". Accountancy Age. 2018-11-15. Retrieved 2019-07-12.
  41. ^ Zaharov-Reutt, Alex (28 November 2018). "Xero says 'small businesses rushing to go digital as STP deadline approaches'". iwire.
  42. ^ "Tax refund agents weigh futures as IRD prepares huge software release". New Zealand Reseller News. Retrieved 2019-07-12.
  43. ^ "Software Developer Improves Service Levels With Superior Database Technology, Flexible Licenses". Microsoft Corporation. 10 September 2007. Retrieved 16 January 2014."
  44. ^ Friday; October 2010, 22; BusinessDesk, 11:02 am Article:. "PayPal founder pumps $4mln into Xero | Scoop News". www.scoop.co.nz. Retrieved 2019-07-12. {{cite web}}: |first2= has numeric name (help); |last3= has generic name (help)CS1 maint: extra punctuation (link) CS1 maint: numeric names: authors list (link)
  45. ^ "Xero -- The Webby Awards". Retrieved 2019-07-12.
  46. ^ "10 Smart Financial Apps to Solve Small Business Accounting Challenges". YFS Magazine. 2013-01-04. Retrieved 2019-07-12.
  47. ^ "Is xero online accounting suitable for small business | Digital Grog | Technology Blog Australia". www.digitalgrog.com.au. Retrieved 2019-07-12.
  48. ^ "Xero and Vend big winners at NZ Hi-Tech Awards 2013". The National Business Review. 2013-05-18. Retrieved 2019-07-12.
  49. ^ "Most Innovative Growth Companies". Forbes. Retrieved 2019-07-12.
  50. ^ "Top Choice: Our favorite online-based business accounting apps". Macworld. 2014-03-10. Retrieved 2019-07-12.
  51. ^ Skellern, Graham (2017-11-23). "Deloitte Top 200: Visionary Leader - Rod Drury, Xero". ISSN 1170-0777. Retrieved 2019-07-12.
  52. ^ "Hi-Tech Awards 2015 winners named". The National Business Review. 2015-05-16. Retrieved 2019-07-12.
  53. ^ "2017 Winners". British Accountancy Awards. Retrieved 2019-07-12.
  54. ^ "2017 Winners | FinTech Breakthrough Awards". Retrieved 2019-07-12.
  55. ^ "Accounting Software | 2018 Reviews & Ratings". Canstar Blue. Retrieved 2019-07-12.
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