Creator. Rod Drury
Where. New Zealand
Entrepreneur Rod Drury found accounting software clunky and frustrating to use in the mid-2000s and set out to reinvent it, harnessing the new trend towards cloud computing services. Xero was born as a single unified accounting ledger, allowing everyone to see a company’s financials all in one place.
Xero is accounting software and also the name of the company that offers a cloud-based accounting software platform for small and medium-sized businesses. Xero's products are based on the software as a service model (SaaS) model and sold by subscription, based on the type and number of company entities managed by the subscriber. Its products are used in over 180 different countries
Pivotal to Xero’s success was winning over accountants and integrating bank feeds, invoicing and payroll into one system. By the end of 2018, Xero had one million customers in New Zealand and Australia alone and was one of the top three accounting software companies in the world. Now listed on the Australian Stock Exchange, it has a valuation of about $9 billion.