Xero has doubled the number of Australian customers using the platform in the past 12 months and now has 158,000 customers across the country.
Xero has grown to 277,000 customers in Australia and New Zealand as of 30 September 2014. In Australia, customer growth has increased by 100 per cent in 12 months, with 158,000 customers, up from 79,000 at 30 September 2013.
A recent survey of new Xero customers who had joined the software since September 2013 found 67 per cent of those who responded had switched from a rival accounting software provider.
Subscription revenue in Australia has grown 115 per cent to NZ$23.9 million for the six months to 30 September 2014, compared to NZ$11.1 million for the equivalent period last year.
Xero managing director, Chris Ridd, said he was ecstatic with the reception from Australian small business.
“Our lack of legacy and ability to attract quality talent has allowed us to emerge as the clear leader of online small business accounting in Australia," he said.
Australia is Xero's largest market and we will continue to invest heavily to improve the lives of our customers.”
Overall, Xero’s global customer base has grown 76 per cent to 371,000 customers.
In August this year, Xero passed US$100m annualised committed monthly revenue.
Xero has grown to 1,000 employees globally, including 167 staff based in Australia.
“We’ve got plans to continue to increase our headcount in Australia during 2015, so we’re not slowing down anytime soon,” Ridd said.