Sharechat Logo

Xero reaches 147,000 Australian customers, will offer free trial through Telstra

Friday 22nd August 2014

Text too small?

Xero, the cloud-based accounting software, says it has more than 147,000 paying customers in Australia and plans a free trial offer of its service through Australia's largest telecommunications provider, Telstra.

The Wellington-based company had 109,000 Australian customers at March 31, as well as 5,328 current partners, according to chief executive Rod Drury's annual general meeting presentation to shareholders in July. The company is pushing to take market share of small business accounting in New Zealand and across the Tasman, where it has had the advantage of early adoption. 

To sign up further Australian customers Xero will offer a free six-month trial of its online accounting software through its partner, Telstra. The company has also secured a partnership with CGU, a subsidiary of Australia's largest general insurer, IAG, to help calculate insurance premiums for workers' compensation.

Xero's ultimate goal is a million global customers, and it is targeting growth in the US where it sees the potential to take market share of an estimate 29 million small to medium sized business owners. According to Drury's July presentation Xero had 18,000 customers in North America at March 31.

Globally tech stocks have pared gains made early in the year as investors questioned high valuations relative to earnings. Xero's own shares recently traded down 0.5 percent to $23.40 and have fallen some 48 percent from their March record of $44.99 as analysts weigh the company's stock price against its ambitious US plans and the ability to take market share from incumbent Intuit.

 

 

BusinessDesk.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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report