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XERO HITS 253K SUBS IN UK Featured

Rod Drury, XeroXero says it has hit 253,3000 subscribers in the United Kingdom as of September 30. September 30 is the end of the first half for the New Zealand-based cloud company so more information should arrive over the next three weeks.

The U.K. total was up from 212,000 at year's end on March 30 when the company reached 1,035,000. Xero also says it is extending partnerships in the country with HSBC and Banco Santander. CEO Rod Drury noted the strong growth, with "we are just getting started." By comparison, rival Intuit expected as of August, it will add 1 million subscribers by the time its year ends on July 31, to bring its total to Intuit 3,275,000 to 3,375,000. Until the last year, Intuit was overwhelmingly selling in this country while Xero was strong outside the United States, but that is starting to change. As of the end of fiscal 2017, Intuit had 500,000 subscribers internationally, up 75 percent from the total at the end of 2016 and had 100,000 subscribers each in Australia, Canada and the United Kingdom. Xero says it is expanding the U.K. headquarters and has gone from seven employees in that country since 2012 to more than 200.

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