Apr 3rd 2012
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Xero, a provider of online accounting software for small businesses, announced the company doubled its revenue from first quarter 2011 to first quarter 2012 and significantly grew its business customers, including doubling its US customer base in just one year and gaining momentum globally as well. Xero's growth is led by sales of its easy-to-use, cloud-based accounting software for businesses and accountants.
In addition, Xero just partnered with business productivity software developer Abukai Inc. The partnership will enable customers from both companies to benefit from direct integration between Abukai's cloud-based expense report and Xero's accounting and bookkeeping abilities.
Prominent technology investor Peter Thiel, former PayPal cofounder and Facebook's first external investor, re-upped his investment in Xero in February. Earlier this year, Xero appointed accounting industry veteran, Jamie Sutherland, as president of US Operations and doubled its US team.