Online accounting software firm Xero expands UK operations with £18m investment, acquisition

Online accounting software firm Xero expands UK operations with £18m investment, acquisition

Xero, the cloud accounting software company is set to expand in the UK. Boosted by record sales of its online accounting software in 2011, plans include more local sales and support staff, further development of its network of accounting partners and extending its  offering for accountants.

The company makes easy to use accounting cloud software. Small business owners and their accountants can have instant access to their financial records, such as cashflow, debtor exposure, invoice payment status and live bank data feeds, on any Internet-enabled device including smartphones and tablets.

The latest backing follows past investment of £12 million in Xero, from investors including PayPal co-founder Peter Thiel, and Craig Winkler, the co-founder of accounting giant MYOB.

Xero has also completed its acquisition of Max Solutions, the company behind the popular online practice management software, which will now form part of Xero’s plans to further extend its range of cloud based practice software to accountants.

As a solution to accounting for modern business, Xero appears to be disrupting what was a rather old-fashioned sector. “We think 2012 is a landmark year for us,” says Xero managing director Gary Turner. “We saw the number of UK businesses using Xero more than double over 2011 which points to a significant shift that is well underway with many thousands of business owners now rejecting the expensive and inflexible packaged software that has historically been the only choice in the UK.”

Global spread

Xero is already one of the top accounting software companies in the UK and it was the first cloud accounting software to be awarded accreditation by the Institute of Chartered Accountants England & Wales in 2008. The company already has offices in Wellington, Auckland, Melbourne, Sydney, Brisbane, San Francisco.

The firm’s expansion has seen it create ten new jobs since January and it recently moved into new premises in Milton Keynes. It continues to recruit sales, marketing and customer support personnel.

In a time of headlines about unemployment and fewer opportunities, it’s good to see some news about available jobs appearing in the UK.

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