Kiwi 'ccountancy cloud collects colossal cash casket

Xero wins another $NZD180m in funding


New Zealand software-as-a-service (SaaS) accounting software Xero has announced an injection of $NZD180m in funding, much of it it from US-based venture capitalists.

The new fund raising is earmarked to “support continued global growth”. Xero's already growing quite nicely, thank you very much, having won more than 211,000 customers in Australia and New Zealand and achieved dual listing in those nations. In those markets it is quickly emerged as the challenger to established accountancy software outfits MYOB and Reckon, both of which have SaaS offerings.

The Register has had discussions with accounting professionals who have found demand for Xero is sufficiently strong they now offer services for it alongside MYOB and Reckon. Anecdotally, the service is said to be the dominant SaaS accounting service for new businesses, who find it's ground-up development as a SaaS offering makes it more elegant than rivals. It's also said to be doing well winning migrations from other accounting products.

Xero says it already has customers in over 100 nations but now feels it needs to get big in America.

If the new cash infusion helps Xero to repeat its trick of shaking up incumbent small business accountancy-ware players, plenty of Reg readers may soon find themselves being asked about migrations or implementations. ®

Similar topics


Other stories you might like

  • Heart FM's borkfast show – a fine way to start your day

    Jamie and Amanda have a new co-presenter to contend with

    There can be few things worse than Microsoft Windows elbowing itself into a presenting partnership, as seen in this digital signage for the Heart breakfast show.

    For those unfamiliar with the station, Heart is a UK national broadcaster with Global as its parent. It currently consists of a dozen or so regional stations with a number of shows broadcast nationally. Including a perky breakfast show featuring former Live and Kicking presenter Jamie Theakston and Britain's Got Talent judge, Amanda Holden.

    Continue reading
  • Think your phone is snooping on you? Hold my beer, says basic physics

    Information wants to be free, and it's making its escape

    Opinion Forget the Singularity. That modern myth where AI learns to improve itself in an exponential feedback loop towards evil godhood ain't gonna happen. Spacetime itself sets hard limits on how fast information can be gathered and processed, no matter how clever you are.

    What we should expect in its place is the robot panopticon, a relatively dumb system with near-divine powers of perception. That's something the same laws of physics that prevent the Godbot practically guarantee. The latest foreshadowing of mankind's fate? The Ethernet cable.

    By itself, last week's story of a researcher picking up and decoding the unintended wireless emissions of an Ethernet cable is mildly interesting. It was the most labby of lab-based demos, with every possible tweak applied to maximise the chances of it working. It's not even as if it's a new discovery. The effect and its security implications have been known since the Second World War, when Bell Labs demonstrated to the US Army that a wired teleprinter encoder called SIGTOT was vulnerable. It could be monitored at a distance and the unencrypted messages extracted by the radio pulses it gave off in operation.

    Continue reading
  • What do you mean you gave the boss THAT version of the report? Oh, ****ing ****balls

    Say what you mean

    NSFW Who, Me? Ever written that angry email and accidentally hit send instead of delete? Take a trip back to the 1990s equivalent with a slightly NSFW Who, Me?

    Our story, from "Matt", flings us back the best part of 30 years to an era when mobile telephones were the preserve of the young, upwardly mobile professionals and fixed lines ruled the roost for more than just your senior relatives.

    Back then, Matt was working for a UK-based fixed-line telephone operator. He was dealing with a telephone exchange which served a relatively large town. "I ran a reasonably ordinary, read-only command to interrogate a specific setting," he told us.

    Continue reading

Biting the hand that feeds IT © 1998–2021