Sharechat Logo

Xero enters agreement with Yodlee to further global expansion

Wednesday 27th January 2010

Text too small?

Xero, the online accounting software firm which counts MYOB founder Craig Winkler and cashed-up TradeMe founder Sam Morgan as shareholders, signed an agreement with Yodlee Inc., giving it access to more bank feeds to speed its global expansion.

Shares of Xero climbed 3.2% to $1.62 and have soared more than 90% in the past 12 months. Redwood City, California-based Yodlee’s system provides access to more than 11,000 account sources in the U.S. and Europe. Access to bank feeds mean customers of Xero can access their financial transactions in real time.

“For small businesses, the ability to automatically view all of your financial data in one place is crucial to successfully managing cash flow,” chief executive Rod Drury said in a statement.

Xero last year raised $29 million from investors to fund its expansion. It posted a first-half loss of $3.8 million as the company invested in its infrastructure and hosting capacity, an added sales capacity in the U.K. and Australia. Operating revenue soared 282% to $1.3 million in the six months ended September 30, while operating costs surged 31% to $5 million.

Yodlee provides services used by more than 20 million consumers at bank and portal sites, Xero said in its statement today. 

Businesswire.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Xero’s Drury says $180M capital raise ‘sends strong signal’ to competitors
Xero raises $180M selling shares at premium to Matrix, Thiel, others
Xero shares halted pending outcome of capital raising
Xero adds another 36k customers since March, sees 80 percent lift in 2014 sales, wider loss
Xero tells NZX that 23 percent slump in shares reflects volatility in tightly held register
Xero cracks $2 bln market cap, lifting Drury's paper fortune to $388M
Xero topples Port of Tauranga as highest price local stock on NZX
Xero chair, COO book million-dollar paydays after shares more than triple in past year
Xero posts $14.4 mln FY loss, doubles revenue and paying customers
Xero adds 23k customers since September, expects to double annual sales