Online accounting system company Xero (NZX: XRO) says it will report operating revenue of more than $3 million for the 2010 financial year -- triple revenue for the 2009 financial year.Paying customers exceeded 17,000 in more than 50 countries compared t
Online accounting system company Xero (NZX: XRO) says it will report operating revenue of more than $3 million for the 2010 financial year -- triple revenue for the 2009 financial year.
Paying customers exceeded 17,000 in more than 50 countries compared to 6000 in 25 countries at March 31, 2009, excluding the just released Xero Personal product, the company said today.
Xero also noted its major Australasian competitor MYOB, in partnership with Banklink, was expected to release an online product this calendar year.
Xero said that after three years in the online space it was well ahead.
"The market awareness generated by MYOB's entry to the online market will be positive for the SaaS (Software-as-a-Service) model and Xero," it said.
Xero is to provide its full year financial announcement and strategic update to the market in May.
Xero shares were up 2c to $1.67 around mid-afternoon.
