That’s right. Competition in the cloud computing industry is heating up. As reporter Meghan Kelly at Med City News writes, “Intuit competitor Xero has set its crosshairs on Quickbooks, charging towards its U.S. business with a new round of $150 million.”

Xero didn’t hold back when openly announcing that it was going after Intuit. In fact, as Kelly explains, the company called out Intuit after “posting disappointing earnings,” adding that they will have a hard time keeping up with “a cloud computing and mobile-driven world.”

Xero has been gaining a lot of momentum in the U.S. over the past year, too. In fact, its customer base increased by over 140 percent. Xero has over 210,000 customers across the globe, and entered the U.S. market in 2011.

The company was founded in 2006. It is listed on the New Zealand Stock Exchange and the Australian Securities Exchange. The company has offices in New Zealand and Australia.

Intuit better watch out! Xero sounds confident and is unafraid to criticize their competitor.