Kiwi 'ccountancy cloud collects colossal cash casket
Xero wins another $NZD180m in funding
New Zealand software-as-a-service (SaaS) accounting software Xero has announced an injection of $NZD180m in funding, much of it it from US-based venture capitalists.
The new fund raising is earmarked to “support continued global growth”. Xero's already growing quite nicely, thank you very much, having won more than 211,000 customers in Australia and New Zealand and achieved dual listing in those nations. In those markets it is quickly emerged as the challenger to established accountancy software outfits MYOB and Reckon, both of which have SaaS offerings.
The Register has had discussions with accounting professionals who have found demand for Xero is sufficiently strong they now offer services for it alongside MYOB and Reckon. Anecdotally, the service is said to be the dominant SaaS accounting service for new businesses, who find it's ground-up development as a SaaS offering makes it more elegant than rivals. It's also said to be doing well winning migrations from other accounting products.
Xero says it already has customers in over 100 nations but now feels it needs to get big in America.
If the new cash infusion helps Xero to repeat its trick of shaking up incumbent small business accountancy-ware players, plenty of Reg readers may soon find themselves being asked about migrations or implementations. ®