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From the company’s  press release – Xero reaches 1 million subscribers – This is impressive.

Xero was founded by Rod Drury and his personal accountant when they felt that traditional desktop accounting software had become outdated and decided to create a modern cloud-based product. Xero Limited was officially formed in 2006 in Wellington, New Zealand where its global headquarters are still located. The company entered the Australian market and the United Kingdom in 2008, and United States in 2011. – Wikipedia

I’m not sure in what region(s) these users are spread out though if it’s like Intuit they are likely mostly in Xero’s home turf of NZ. According to Wikipedia Xero has received $230 million of funding from various VC – most notably Peter Thiel of Gawker / Hulk Hogan fame ( https://goo.gl/sSpV66 ). A year ago ( https://goo.gl/co6ouL ) Xero claimed 425k subs in NZ and 100k in UK. If Sage didn’t already have a hodgepodge of cloud products in the mix and if Xero weren’t so steeply valued (Market cap about 1.87 Billion USD) I might wonder if Sage could be a buyer to substantially increase their cloud subscriptions. https://www.xero.com/blog/2017/03/one-million-uk-customers-xero/. I think Xero is too expensive for Sage and Sage have too many competing products for such a combination to happen easily (successfully?).

For comparison purposes, Intuit reported February 2017 1.87 million subscribers for their QuickBooks Online (aka QBO) and Sage reported 1,016,000 software subscription contracts over a diverse group of products. – including Sage One with 313,000 subs at FYE 2016 and Sage Live with 600 reported customers at FYE 2016.