Xero hits 100,000 paying customers, considers ASX dual listing
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Online accounting software company Xero says it now has 100,000 paying customers, up from 45,000 last year.
CEO Rod Drury told the company's annual meeting that it took Xero five years to achieve its first 50,000 customers, and 10 months to net the next 50,000.
Mr Drury said annualised committed monthly revenue had increaded to an annual run-rate of $34.5 million, up from $25.5 million at March 31, 2012, and 57% of Xero’s committed monthly revenue is from offshore markets, up from 51%.
Xero will consider dual listing on the ASX to make it easier for Australian partners and customers to purchase shares, the CEO said.
Xero proposed Craig Elliott, the co-founder and chief executive of cloud-network software firm Pertino Networks, be added to the company's board, accompanying chairman Sam Knowles' address.
Elliott is a strategic adviser to New Zealand Trade & Enterprise, spent a decade with Apple Inc in senior roles, and had previously run Packeteer, whose software aimed at improving network performance.
The appointment has yet to be finalised, a Xero spokesman told NBR.
The Wellington-based company said it had identified a candidate for a US-based director, but was still looking for an Australian to join the board.
The companies shares [NZX:XRO], which have recently retreated from an all-time high of $5.80, closed today up 1.01% to $5.00 – valuing the so-far profit-less company at $524 million.