Xero to treble its size in the UK

 

– 18 million pound investment and acquisition fuels new UK HQ,

 – more jobs & new cloud based tools for accountants

 

28th March 2012

 

Milton Keynes, UK – Cloud software company Xero has announced the expansion of its UK operation. Buoyed by record UK sales of its online accounting software in 2011, plans include more local sales and support staff, further development of its network of accounting partners and extending its cloud software offering for accountants. Xero is already one of the top accounting software companies in the UK and was the first cloud accounting software to be awarded accreditation by the Institute of Chartered Accountants England & Wales in 2008.

 

The additional investment follows previous investments of £12 million in Xero, from investors including Paypal co-founder and one of the original investors in Facebook Peter Thiel, and Craig Winkler, the co-founder of accounting giant MYOB.

 

Xero has also completed its acquisition of Max Solutions, the company behind the popular online practice management software, which will now form part of Xero’s plans to further extend its range of cloud based practice software to accountants.

 

 “We think 2012 is a landmark year for us,” says Xero managing director Gary Turner. “We saw the number of UK businesses using Xero more than double over 2011 which points to a significant shift that is well underway with many thousands of business owners now rejecting the expensive and inflexible packaged software that has historically been the only choice in the UK.

 

Gary Turner says investing further in its cloud based practice software perfectly complements its lead in client side accounting. “The availability of Xero Practice Management as a free cloud application for UK accounting firms who support their clients running Xero’s award winning online accounting software will disrupt what is a stagnant sector, under-served by inflexible and more costly PC based software.”

 

Xero’s expansion has seen the company create ten new jobs since January and it recently moved into new premises at Avebury Boulevard, Milton Keynes. The company continues to recruit sales, marketing and customer support personnel.

 

About Xero 

Xero is beautiful easy-to-use online accounting software for small businesses and their advisers. Through cloud computing, small business owners and their accountants have instant access to their financial records, such as cashflow, debtor exposure, invoice payment status and live bank data feeds, on any Internet-enabled device including smartphones and tablets.

 

Xero in the UK

Xero has been building a solid customer and partner base in the UK since 2008. And its dedicated, locally based technical and sales workforce supports 35,000 users in the UK. Its UK revenues have grown by more than 500 per cent since 2010. Xero was the first accounting software in the UK and Ireland to seamlessly connect banking transactions to accounting – also referred to as automatic bank feeds – supporting banks and financial institutions with more than 13,000 UK bank and credit card accounts automatically synchronizing with Xero every day. Xero UK is part of Xero Ltd, a global organisation that is the emerging leader in the online accounting space with 200,000 users in 100 countries.

 

For more information contact:

Gary Turner                                        

Xero Managing Director                                                      

gary.turner@xero.com                          

+44 7590 560561