Cloud accounting company Xero has announced plans for a US IPO in FY2015 as the company is seeing record global growth and matching trajectory of Salesforce and Workday in their early years (full investor presentation here).
Already public in New Zealand and Australia, Xero is now valued at $2.7 billion and part of the rising cloud economy. Xero's rapid growth contrasts with legacy player woes as the cloud economy continues to rise:
- The company took four years to acquire their first 50,000 customers - but the last 50,000? They signed up over the past four months.
- Xero is hiring aggressively, doubling global staff over the past 12 months.
- Well-capitalized and seasoned US team: A recent $150 million US fund raise and appointment of Chris Liddell (former CFO of Microsoft and GM) to chairman of the board will help Xero navigate a volatile US IPO market.
Xero's growth underscores the fundamental shift to the cloud with small businesses all over the world adopting the cloud as their new operating system (OS). With its cloud financial management hub sitting at the center of this new cloud OS, Xero’s opportunity for growth has never been stronger.
Xero is beautiful, easy-to-use online accounting software for small businesses and their advisors. The company has over 300,000 paying customers in more than 100 countries around the world. Xero seamlessly integrates with over 300 best-in-class business tools such as Square for processing payments on mobile devices, ADP for managing payroll and Google Apps for integrating Google Docs. Xero ranks No. 1 by Forbes as the World's Most Innovative Growth Company. The Xero US team is headquartered in San Francisco.