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XERO REVS RISE FASTER THAN LOSS

The online accounting software company reported U.S. and the rest of the world subscribers as 11,000, up from 4,000 in 2012. The bulk of subscribers remain are still in New Zealand, Australia and the United Kingdom. New Zealand’s total rose to 73,000, up from 47,000; Australia numbers hit 51,000, a sharp jump from 16,000, and the U.K. subscriber base reached 22,000, double last year’s 11,000. Xero said its staff stood at 382 at year’s end, compared to 194 for the end of 2012. Remarks by CEO Rod Drury in the annual report show that Xero is willing to be patient. “We have shown that it takes a significant investment and many years to build a broad and global small business financial platform,” he wrote. During recent months, Xero enlarged its San Francisco office and opened another in Los Angeles.
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