Online accounting software provider Xero announced it passed $100 million in annualized committed monthly revenue and has achieved a 95 percent year-over-year growth rate in subscription revenue.
Among the other numbers released by Xero, which announced plans for a 2015 U.S. initial public offering earlier this year, were the growth in customers and employees, including:
- 76 percent increase in paying customers globally, to 371,000 from 211,000 this time last year
- 95 percent growth in subscription revenue to $44.2 million for the half year ending Sept. 30, 2014, from $22.7 million for the half year ending Sept. 30, 2013
- 70 percent increase in employees globally, from 584 this time last year to nearly 1,000
Xero’s growth follows last year’s announcement that it raised $150 million in the latest funding round led by Peter Thiel’s Valar Ventures, and continues with the appointment of a new chief marketing officer.
Andy Lark, who has more than 25 years of industry experience leading global marketing functions and working with technology brands, was announced as Xero Group’s CMO. Lark was previously chief marketing and online officer for Australian financial institution the Commonwealth Bank. Prior to that, Lark held the position of chief marketing and communications officer at Dell Enterprise, Sun Microsystems and Nortel, and as founder, along with other leadership roles, in Silicon Valley start-ups.
Xero’s previously announced plans for growth in the North American market came with $133 million in cash to fund its efforts, and includes recruiting for their next lead after Peter Karpas stepped down as their CEO of North America in September.
