Xero’s direct sales operation in New Zealand, the UK and Australia is now breaking even, and overall, the company is on track to break even this year, co-founder and CEO Rod Drury told the company’s investor presentation in Wellington yesterday.
The break-even forecast follows several years of losses since Xero was founded in 2007.
Another move signalled at the presentation is the relocation of the chief technology officer function to the US, where Xero is working at establishing a presence.
The company has been formally incorporated in the US and is establishing what Drury calls “a beachhead” in San Francisco.
He noted that Xero is “leveraging the Peter Thiel investment” to get into the US market, referring to the $4 million Thiel, a US technology veteran who also made early-stage investments in Facebook and PayPal, invested in Xero in October.
Drury also emphasised Xero’s recent integration with SaaS pioneer Salesforce.com.
The investor presentation featured several case studies of Xero customers including MasterPet and Opus printing group.