Wellington, New Zealand based accountancy software company, Xero, has continued its push into the Australian market with a marked increase in revenue.
Figures for the Australian market for the year ended March 31, 2011 indicated that the company grew revenue from $283,000 to $NZ1.5 million ($AUD 1.1 million).
Total ANZ operating revenues were at $NZ9.4 million ($AUD 7.4), up from $3.15 million in 2010.
Xero Australia managing director, Chris Ridd, who left Microsoft Australia in February to take up the role, said in a statement that the company was now covering its sales costs and had grown staff levels from eight to 14 at its regional head office in Melbourne.
“Our success is indicative that the Software as a Service [SaaS] model is working and its growing importance in financial services industry,” Ridd said. “In Australia we’ve established a national sales force and the business is moving rapidly”.
According to the company, its software was now in use by 2,200 accounting firms across Australia and New Zealand.
He added that the company was looking beyond the ANZ market with plans to target the US next.
“We are making good progress building key partnerships in the US and leveraging the connections provided by Xero investor and PayPal co-founder, Peter Thiel,” Ridd said.
“Several key staff are in the process of relocating to the US and we’re also recruiting in that market to engage talent with specialist knowledge.”
So far, Thiel has invested $NZ4 million ($AUD 3.08) in Xero.
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