Xero has been named as one of New Zealand’s highest growth technology exporters by the Technology Investment Network (TIN).
Xero has placed third on the the EY Ten Companies to Watch list, which is made up of the highest dollar value growth companies in the TIN100 Report. The annual report, which monitors the top 200 New Zealand-founded high-tech companies, was released at a recent launch and awards ceremony in Auckland.
After an exceptional 12 month record of growth, Xero has placed third on the EY Ten Companies to Watch list just after Fisher & Paykel Appliances and Datacom Group.
For FY2016 Xero’s operating revenue increased 67%, from $123.9 million to $207.1 million as at March 31, 2016. In the same period, Xero’s customer base grew from 475,000 users globally to 717,000.
In Wellington, Xero is the second-highest revenue earner for the region this year, ahead of companies like Weta Digital, Intergen, and Fronde Systems Group.
Xero has helped the Wellington region nearly double its revenue growth percentage in 2016. The Wellington-based companies monitored by TIN generated over $1.9 billion revenue in the Wellington region (15.3% growth) and created more than 1,500 jobs. Xero alone is looking to add more than 50 highly skilled product development jobs in Wellington to its 800 staff in New Zealand before the end of the year.
Overall, Xero was revealed as the fifth-highest revenue earner of all the companies that the TIN100 Report monitors.
Xero’s CEO, Rod Drury (pictured), says “As one of the fastest growing global cloud accounting companies in the world, Xero has proven you can build a truly global business from New Zealand. With more than 717,000 subscribers and rapid product innovation, Xero is well placed to outpace its competitors and achieve its goal of reaching $1b revenue."