Xero told investors it is “deeply focused” on capturing the global AI market and the US accounting and payments market, on the back of its acquisition of payments platform Melio last year.
In a market update released to the Australian Securities Exchange (ASX) to coincide with the Australian Securities Exchange’s (ASX) investor briefing earlier this week, Xero CEO Sukhinder Singh Cassidy said the company was well-positioned to lead small businesses into the AI era and take advantage of this technology.
“We are already a trusted system of record and are now coordinating multiple agents to evolve into a key system of customer behavior and decision-making,” she said.
“The combination of our deep domain knowledge, proprietary data platform, and go-to-market strength provides a clear AI strategy that supports our long-term growth opportunities.”
Xero, a leading global SaaS (Software-as-a-Service) business that has long leveraged machine learning and AI, told investors it is well-positioned to capture the TAM (Total Addressable Market) expansion opportunity presented by AI.
“To date, over 2 million subscribers have benefited from using Xero’s full AI capabilities, with over 300,000 of those using the new generation of AI capabilities announced at Xerocon Brisbane,” the vendor said.
The vendor also said it is playing a key role in helping small and medium-sized businesses realize the potential of AI by moving beyond systems of record to systems of action and decision-making.
This is made possible by Xero’s unique strengths and fundamental benefits. This includes a “powerful and granular system of record with first- and third-party data,” a platform that supports core job-to-be-done (JTBD) for small and medium-sized businesses in one place, scale and domain expertise with deep vertical expertise and breadth, an AI-enabled platform experience, and a go-to-market engine with strong and established partnerships with accountants and bookkeepers that support 4.6 million subscribers.
