- 18 million pound investment and acquisition fuels new UK HQ,
- more jobs & new cloud based tools for accountants
Milton Keynes, UK - Cloud software company Xero has announced the expansion of its UK operation. Buoyed by record UK 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 cloud software offering for accountants. Xero is already one of the top accounting software companies in the UK and was the first cloud accounting software to be awarded accreditation by the Institute of Chartered Accountants England & Wales in 2008.
The additional investment follows previous investments of £12 million in Xero, from investors including Paypal co-founder and one of the original investors in Facebook 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.
“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.
Gary Turner says investing further in its cloud based practice software perfectly complements its lead in client side accounting. “The availability of Xero Practice Management as a free cloud application for UK accounting firms who support their clients running Xero’s award winning online accounting software will disrupt what is a stagnant sector, under-served by inflexible and more costly PC based software.”
Xero’s expansion has seen the company create ten new jobs since January and it recently moved into new premises at Avebury Boulevard, Milton Keynes. The company continues to recruit sales, marketing and customer support personnel.
