Xero taps Microsoft executive to head up UK business

Tuesday 7th July 2009

Xero, the online accounting software provider, hired Microsoft Corp. executive Gary Turner as managing director for the UK, which accounts for about 40% of its customer base and includes relationships with British Telecom Group Plc and HSBC.

Turner, currently group director for Microsoft’s Dynamics ERP and CRM products in the UK, will take up his new position in August, Xero said in a statement. The UK accounted for 3,000 of Xero's 7,500 paying customers as at May 10.

The Wellington-based company, whose shareholders include MYOB founder Craig Winkler and cashed-up TradeMe founder Sam Morgan, reached a reseller agreement with BT in May, allowing the telecommunications company’s 1.7 million small business customers to access Xero’s service starting this month.

Also in May, Xero started a feed relationship with HSBC, with the lender’s customers able to have their bank statements imported into Xero’s accounting software. It already takes such feeds from most banks in Australia and New Zealand.

Shares of Xero last traded at $1.35 on July 6 and has jumped 59% in the past six months.Turner will take over in the UK from Xero co-founder Hamish Edwards, who is returning to a role in New Zealand.

Winkler and Morgan participated in Xero's $23.2 million capital raising earlier this year.

Businesswire.co.nz

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