Xero
Headquarters
Wellington, New ZealandFounded
2006CEO / Founder
Sukhinder Singh CassidyEmployees
5001-10000Funding
PublicStock
XROProducts
0 products listedWebsite
www.xero.com
Profile updated
About Xero
Xero is a cloud-based accounting software company founded in 2006 in Wellington, New Zealand by Rod Drury and Hamish Edwards. Its platform provides invoicing, bank reconciliation, payroll, and financial reporting for small and medium-sized businesses.
Xero serves more than 4 million subscribers globally across New Zealand, Australia, the UK, US, and Asia, and integrates with over 1,000 third-party apps. It competes with Intuit QuickBooks and Sage in the SMB accounting market.
Xero is publicly listed on the ASX (XRO) with a market capitalization over NZ$20 billion. Sukhinder Singh Cassidy has served as CEO since 2023. The company has approximately 5,000 employees.
Specialties
Financials
Dated, source-cited figures. Estimates are marked.
No products listed yet for this company.
Competitive Landscape
Who Xero competes with, and how they differ.
QuickBooks (Intuit) is the dominant SMB accounting platform in the US with the largest market share and accountant ecosystem, while Xero built its base in Australia/NZ/UK before expanding into the US market Intuit already controls.
1 product reviewed on TopReviewed
Sage Intacct targets mid-market and multi-entity businesses with stronger multi-dimensional reporting and consolidations than Xero's SMB-focused ledger, at a higher price point.
1 product reviewed on TopReviewed
Zoho Books is priced lower than Xero and sold as part of the broader Zoho One suite, appealing to price-sensitive small businesses already using other Zoho apps.
1 product reviewed on TopReviewed
FreshBooks focuses on invoicing and time tracking for freelancers and service-based small businesses, with a simpler feature set than Xero's full double-entry ledger.
1 product reviewed on TopReviewed
Wave offers free core accounting and invoicing monetized through payment processing and payroll add-ons, undercutting Xero's subscription pricing for the smallest businesses.
1 product reviewed on TopReviewed
NetSuite (Oracle) is a full ERP suite for larger, more complex organizations that outgrow SMB accounting tools like Xero, with materially higher implementation cost and complexity.
Company Timeline
Key milestones in Xero's history, with sources.
- Acquisition
Completed acquisition of Melio
Xero closed its $2.5 billion acquisition of Melio Payments Inc., with Melio co-founder Matan Bar taking charge of the combined US business.
cpapracticeadvisor.com - Acquisition
Announced acquisition of Melio for $2.5B
Xero agreed to acquire US SMB bill-pay platform Melio for $2.5B upfront (cash + shares), plus up to $0.5B in contingent consideration, to enter the US payments market.
prnewswire.com - Acquisition
Announced acquisition of Syft Analytics for up to $70M
Xero agreed to acquire South Africa-based reporting/analytics platform Syft Analytics, with $40M upfront and the balance in earnouts/RSUs over three years.
xero.com - Acquisition
Announced acquisition of Planday for up to EUR183.5M
Xero agreed to acquire Danish workforce-scheduling platform Planday (350,000+ users across Europe/UK); the deal closed in April 2021.
blog.xero.com - Acquisition
Acquired Hubdoc for up to $70M
Xero acquired Toronto-based receipt/document capture platform Hubdoc for $60M upfront (cash + equity) plus up to $10M in additional equity.
globenewswire.com - Milestone
Moved to sole ASX listing, delisted from NZX
Xero delisted from the NZX on 2 Feb 2018 and became solely listed on the ASX on 5 Feb 2018, with a market cap of about A$4.5 billion.
en.wikipedia.org - Milestone
Dual-listed on the Australian Securities Exchange (ASX)
Xero added an ASX listing alongside its existing NZX listing to access deeper capital markets ahead of North American expansion.
en.wikipedia.org - Milestone
IPO on the New Zealand Exchange (NZX)
Xero listed on the NZX with a NZ$15 million offering, gaining 15% on its first trading day.
asx.com.au - Founded
Founded as "Accounting 2.0" in Wellington
Rod Drury and Hamish Edwards founded Xero as a cloud-native small-business accounting platform in Wellington, New Zealand.
en.wikipedia.org
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