Xero looking to enter the US market

Xero appears to have exploded onto the accounting scene, now being used in more than 50 countries and with plans to have a presence in the United States.

The company had 12,000 paying customers around the world in September 2009 reflecting growth of 445% compared to the same time in 2008. This was double the customer count from March 2009.

Xero chief executive Rod Drury says Software-as-a-Service (SaaS) is being discovered by businesses all around the world and is becoming a key enabler of productivity.

He says the platform needed to take Xero to the next level internationally has been firmly established as the company prepares to have a presence in the United States (US).

"The US market is complex and extremely competitive and Xero will be taking care to ensure the strategy for entry is the right one," he says.

Xero also continues to build market momentum, assisted by exposure from its telecommunications carriers in the UK and Australia where country managers and key sales staff have been appointed to help drive the uptake of Xero through accountants.

Xero's half-year report showed strong progress for the period ended 30 September 2009 with total revenue growing 282% to $1.3 million.

It saw a modest 10% year-on-year increase in net loss of $3.8 million after investing significantly in infrastructure and personnel needed for growth.

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