How Xero intends to continue thriving behind new leadership

By Uwear

With the recent promotion of new managing director Trent Innes, cloud accounting software giant Xero Australia intends to continue winning market share against its top rival MYOB.

Chris Ridd is resigning from the position, but will continue to be an advisor to the company throughout 2016. Set to officially take over operations at the end of the financial year on March 31, Innes said improving the company’s 15 per cent market share is his main goal.

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Part of that will be accomplished by expanding operations into Asia, while another is through a transformation into more of a fintech company, where it will now focus on big data in addition to accounting software.

This tactic has also helped Xero form partnerships with successful companies such as NAB, Moula and OFX.

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 “We have great momentum and a fantastic base to work with,” said Innes. “We have over 250,000 customers and more than 10,000 partners. The foundations are there. There’s till massive upside.”

Innes, who has been Xero’s national sales director for three years since leaving Microsoft, is also positive about the future for tech companies.

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 “It’s the best time ever to be in tech,” he said. “There’s been the Atlassian listing, Slack is setting up an office here and Zendesk has made a massive investment here too.

“Given the government has thrown its weight behind small business and innovation, it’s heading in the right direction. I just hope it continues with the investment.”

Last year, the number of Xero subscribers increased by 53 per cent in Australia and New Zealand compared to the previous year, while the operating revenue has rose 71 per cent to NZ$92.8 million.

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