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| Company type | Public |
|---|---|
| |
| ISIN | NZXROE0001S2 |
| Industry | Software as a service |
| Founded | 2006; 20 years ago (2006) in Wellington, New Zealand |
| Founders |
|
| Headquarters | |
Key people |
|
| Products | Accounting software |
| Revenue |  NZ$2.103 billion[1] (2025) |
| NZ$362.6 million[1] (2025) | |
| NZ$227.8 million[1] (2025) | |
| Total assets | NZ$4.463 billion[1] (2025) |
| Total equity | NZ$2.196 billion[1] (2025) |
Number of employees | 4,610[1] (2025) |
| Website | xero |
| Footnotes / references [1][2][3][4][5][6] | |
Xero Limited is aNew Zealandtechnology company that providescloud-basedaccounting software for small businesses. The company has offices in New Zealand,Australia, the United Kingdom, the United States, Canada, South Africa and Singapore.[7][8] Xero's products are based on thesoftware-as-a-service model and sold by subscription, based on the type and number of entities managed by the subscriber.[9] The products are used in over 180 countries.[10][11]
In 2006, Xero was founded byRod Drury and Hamish Edwards inWellington,[12][13][14] where Xero Limited's headquarters are still located.[15] The company was originally called Accounting 2.0.[14]
By 2017, Xero had more than one million customers globally,[16] and the following year, it had more than one million subscribers in Australia and New Zealand.[17] In April 2018, Steve Vamos was appointed as CEO, replacing Rod Drury who remained on the board as a non-executive director until 2023.[18] Vamos announced in November 2022 that he would step down in February 2023 and be replaced bySukhinder Singh Cassidy, a former executive of Google andStubHub.[19][20]
In 2019, the company announced it had over two million global subscribers,[21] and three million subscribers in September 2021.[22]
In March 2023, Sukhinder Singh Cassidy, the CEO of Xero, announced the removal of 700-800 roles across Xero, representing approximately 15% of the employee base.[23] At this time, the company reportedly had more than 3.5 million subscribers and about 4,500 staff across offices in New Zealand, Australia, North America, the UK and southeast Asia.[24] The company announced it had finished its job cuts by November 2023, reducing headcount to 4,242 staff.[25]
In May 2024, the company announced it had achieved a Rule of 40 outcome of 41.0%, followed by a Rule of 40 outcome of 43.9% in November 2024.[26]
In June 2025, Xero announced an agreement to acquire Melio, a New York-based payments provider, for $2.5 billion.[27]
The Xero accounting software uses a single unified ledger, which allows users to work in the same set of books regardless of location or operating system.[28] It provides automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting.[29]
In 2011 and 2012, theXero Touch mobile apps for iOS and Android devices were released.[30]
In the 2019 financial year, Xero offered services relating toMaking Tax Digital in the United Kingdom,[31]Single Touch Payroll in Australia,[32] andPayday Filing in New Zealand.[33]
Xero went public on theNew Zealand Exchange on 5 June 2007, with aNZ$15 millionIPO, gaining 15% on its first trading day.[34] It went public on theAustralian Securities Exchange (ASX) on 8 November 2012.[3][35]
Xero transitioned to a sole listing on the ASX on 5 February 2018, delisting from the NZX on 2 February 2018.[36] In September 2019, themarket capitalisation of Xero on the ASX exceededNZ$10 billion, and it was ranked as the third most valuable publicly listed New Zealand company.[37]
Xero has also received funding from various investors. In 2009, it receivedNZ$23 million of funding led byMYOB founder, Craig Winkler.[38] It raised an additionalNZ$4 million in 2010 fromPeter Thiel'sValar Ventures who also invested an additionalUS$16.6 million in February 2012.[39] It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel andMatrix Capital.[40] The company raised more than $100 million at a valuation of approximately $1.4 billion on the NZE by May 2013.[41][42] This valuation was before receiving an additionalNZ$180 million from Thiel and Matrix in October 2013, bringing total funding to more than $230 million.[43] Xero raised an additional $100 million fromAccel and $10.8 million from Matrix Capital on 25 February 2015.[44] On 5 October 2018, Xero announced a settlement ofUS$300 million in convertible notes, more than previously raised by a New Zealand or Australian company not listed in the United States.[45]
In July 2011, Xero acquired the Australianonline payroll provider Paycycle for a mixture of cash and shares totalingNZ$1.9 million, to integrate the company's products into its services.[46] It acquired Spotlight Workpapers in July 2012 for a mixture of cash and shares totaling $800,000.[47]
In July 2018, Xero formed a partnership with US payroll platformGusto.[48] In August 2018, it acquired Hubdoc, a data capture application.[49] In November 2018, it acquired cloud-based accounts preparation and tax filing application Instafile for£5.25 million.[50]
In August 2020, Xero acquired Waddle, an Australian-based invoice financing startup, forA$80 million. The payment included $31 million in cash and $49 million in earnout payments. Waddle allows small businesses to access loans secured by their accounts receivables.[51][52] In March 2023, Xero announced it was cutting jobs and closing the Waddle app.[53]
In November 2021, it acquired inventory management provider Locate Inventory for US$19 million,[54] and in December 2021, Xero announced it was acquiring Canadian tax software provider, TaxCycle, forCA$75 million.[55]
In November 2022, Xero announced the establishment of a technology base in India in partnership with technology outsourcing companyInfosys.[56] The India technology base includes engineering and developer roles.[56]
In April 2024, Xero announced a strategic partnership with workforce management platformDeputy.[57] As part of the agreement, Xero invested US$25 million to take a minority stake in Deputy and announced plans to embed Deputy’s shift work management capabilities into Xero’s payroll platform for Australian customers.[58]
In September 2024, Xero announced the acquisition of cloud-based reporting, insights and analytics platform Syft Analytics for up to US$70 million.[59]
In June 2025, Xero agreed to acquire US company Melio forUS$2.5 billion in cash and stock, and up to $500 million in additional payments over three years. Melio co-founder and CEO Matan Bar will lead the US operations of the combined business.[60][61] Xero wants to grow in the U.S. which the company says is about 7% of its sales.[62]
Data related toXero (company) at Wikidata
