Add another Australian financial software company, Reckon, to the mix, and it would seem that the continent is pretty competitive. Asked about MYOB, Xero CEO Rod Drury dismissed the Australian company as marketing aging technology and saw the IPO move as a way owner Bain Capital can exit. Bain is selling no shares via the offering, but it's easy to imagine it will cash in some chips at some point. The other difference is whole Xero is concentrated in the low-end of the market, MYOB has midmarket products. Earlier this year, the company introduced MYOB Advanced, based on the Acumatica cloud platform.
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XERO TOPS 200K AUSSIE USERS Featured
Xero has more than 200,000 paying customers in Australia, the New Zealand-based cloud company said recently. That is up from 109,000 a year ago. Australia is Xero's largest market and this item came to mind because that was announced the same week Australia accounting software company, MYOB, announced an IPO to return to being publicly held after several years as a private company. In September, MYOB said it had 100,000 subscribers for its AccountRight cloud product. Unlike Xero, whose applications are all Internet-based, MYOB has on-premise products.
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