100,000

Always a highlight of our year we’ve just completed our Annual Meeting for 2012.

Key announcements:

• Xero now has 100,000 paying customers. Our first 50,000 took 5 years to achieve, our second 50,000 was achieved in 10 months.
• Annualised committed monthly revenue has grown to $34.5 million. That compares with full year revenue to the end of March of just over $19m.  Subscription models are a wonderful thing.
• We are considering a dual listing on the ASX to make it easier for Australian partners and customers to purchase shares.

You can read the full release and view the Annual Meeting presentation here: Xero Annual Meeting 2012

Australian MD Chris Ridd was in town for our board meeting today and it was great to hear first hand how Australia is going as well as updates on NZ, UK and the USA.

It’s good that our shareholders understand our growth strategy and are allowing us to continue our growth program.  We all want to get to break even as soon as we can but I think there is comfort we are responsibly growing the business and investing now to build a substantial long term company.

As one of the few public early stage SaaS companies we know our numbers are useful to others so please feel free to ask questions.

As always thank you to our shareholders for giving us the opportunity to build a great company and congratulations to all staff who have worked hard to deliver these results.