Xero hits $100m annualised revenue

Xero hit monthly recurring subscription revenues of $8.6 million in May to pass $100 million in annualised revenue for the first time.

Rod Drury, Xero chief executive, says passing the $100 annualised revenue mark is 'a huge milestone for any tech company'.

“We're so proud to have got there so quickly,” he says.

Seventy per cent of the annualised subscription revenue is from outside of New Zealand, with the cloud accounting software company now having more than 120,000 Australian customers and more than 50,000 in the United Kingdom.

The company had operating revenue of $70.1 million for the year ending 31 March 2014, up 83% on the previous year's $38.4 million and started the new financial year with $93 million in annualised subscriptions. Full year loss grew to $35.5 million.

The company is expanding its Australian presence, with a new office opening in Canberra, today. Xero now employs 144 staff across five offices in Australia and a number of developer roles will be opening up in the new Canberra office in the second half of this year.

Xero now has more than 800 staff globally.