MYOB (company)

MYOB (meaning mind your own business) is an Australian multinational corporation that provides tax, accounting and other business services software to small and medium businesses. It is owned by KKR.

MYOB limited
TypePrivate company
IndustryInformation technology
PredecessorData-Tech Software
Founded1991
HeadquartersCremorne, Victoria
Key people
Greg Ellis (CEO)
ProductsAccounting software, ERP
ParentKKR
WebsiteMYOB.com

History

MYOB was founded in the early 1980s by a team of developers at Teleware, who developed accounting software. Teleware was purchased by Best Software (now part of Sage) in 1993. Data-Tech Software was the Australian republisher of the MYOB products and, in 1997 entered into an agreement with Best Software to buy the company (renamed MYOB Inc.) and bought the intellectual property rights to the software. In 1999, Data-Tech changed its name to MYOB Limited and listed on the Australian Securities Exchange (ASX). In subsequent corporate development, MYOB Limited merged with Solution 6 Holdings in 2004. Though the company was founded in the United States, it ceased operations outside of Australia and New Zealand in 2008.

Co-founder Brad Shofer left the company in 2003.[1]

In December 2008, Acclivity announced it acquired MYOB US Inc. and its Macintosh (and PC) development team from MYOB Limited of Australia. Acclivity now drives global development of MYOB's Mac OS business management products – AccountEdge Basic, AccountEdge Pro and AccountEdge Pro Network Edition.

In January 2009, a private equity consortium led by Archer Capital completed a takeover bid for MYOB, returning MYOB to private ownership.[2]

In August 2011, Archer Capital sold MYOB to Bain Capital for an undisclosed amount. The acquisition gave Bain Capital a majority stake in MYOB alongside management continued to be shareholders in the company.[3]

MYOB Group Limited was readmitted to the official list of the Australian Securities Exchange in May 2015.[4]

In November 2017, MYOB proposed to buy Reckon's accounting group for $180 million.[5] However, failure to obtain regulatory permission caused the deal to fall apart in May 2018.[6]

In April 2018, MYOB sold its rental payment system RentPay to Rent.com.au for $425,000.[7][8] In May 2018, MYOB partnered with Network 10's Shark Tank.[9]

MYOB Group Limited was delisted from the ASX in May 2019, after it sold to private equity firm KKR.[10]

Products

MYOB has a suite of subscription-based products and a browser-based accounting product that was released in August 2010. On 24 October 2012, MYOB released AccountRight Live, an update to its flagship product – a Microsoft-Windows–only software suite which has online storage of data.

Mergers and acquisitions
  • Tall Emu CRM 2022
  • Greentree on 1 August 2016
  • Ace Payroll on 1 June 2015
  • IMS Payroll
  • PayGlobal
  • BankLink 4 June 2013[11]
  • Acquired by Bain Capital in Sept 2011[12]
  • Smartyhost on 20 August 2008 – divested 5 August 2013
  • ilisys on 28 February 2008 – divested 5 August 2013
  • Exonet on 5 January 2007 - Tim Molloy, Bruce Carr and Sam Lewis-Roberts
  • Comacc Limited on 1 August 2006
  • Macquarie Outsource Pty Ltd and Macquarie Outsource Sdn Bhd on 30 March 2006
  • Conto Ltd and JumpStart Computer Accounting and Trainers Ltd on 31 January 2006[13]
  • Solution 6 Holdings on 29 March 2004
  • NZA Gold Limited on 5 March 2003
  • Rorquals Business Solutions Limited on 23 November 2000
  • SeaSoft Computer Services Sdn Bhd on 9 October 2000
  • Professional Tools (NZ) Ltd on 30 November 1999
  • Blue Tongue Technology Pty Ltd on 11 October 1999
  • CA Systems on 27 September 1999

Acquisitions by Solution 6 before the merger with MYOB

  • Xlon Pty Ltd and parent company Ceedata Holdings on 8 December 2000[14]
  • VIZTOPIA Software Limited and parent company MICL Holdings Limited on 19 September 2000[15]

Acquisitions by Data-Tech Software Pty Ltd before changing the name to MYOB

  • Teletax Systems Pty Ltd on 8 October 1997[16]
  • Bestware in 1996[17]

See also

References
  1. Knight, Anneli (17 December 2007). "MYOB founder's latest venture no dinosaur". Sydney Morning Herald. Fairfax Media. Retrieved 4 December 2016.
  2. "MYOB Limited privatised". Archived from the original on 6 July 2011.
  3. "Bain Capital signs definitive agreement with Archer Capital to acquire MYOB Ltd".
  4. "MYOB Group Limited listed on ASX". Archived from the original on 4 March 2016. Retrieved 17 May 2015.
  5. "Reckon sells 'crown jewel' of the business to MYOB in $180 million deal". Australian Financial Review. 16 November 2017. Retrieved 17 November 2017.
  6. "MYOB Group terminates $180m acquisition of Reckon business". Sydney Morning Herald. 31 May 2018.
  7. "MYOB sells its rental business to Rent.com.au for $425,000". CRN Australia. Retrieved 31 May 2018.
  8. "MYOB sells off its rental payments platform for $425,000". Retrieved 31 May 2018.
  9. "MYOB Partners With Network Ten's Shark Tank - B&T". B&T. 15 May 2018. Retrieved 31 May 2018.
  10. "Investors wave through MYOB takeover". Australian Financial Review. 17 April 2019. Retrieved 13 August 2019.
  11. "News : AU Article :MYOB acquisition of BankLink now complete - Defining a new era of Client Accoun". Archived from the original on 5 February 2014. Retrieved 28 February 2014.
  12. Bain Capital confirms MYOB buyout, From: AAP, 1 September 2011
  13. 2006_Half_Year_Financial_Statements, pdf document.
  14. "ACCC approves Xlon and Solution 6 transaction". 1 April 2001. Archived from the original on 1 April 2001.
  15. "Solution 6 Europe - Welcome - News Room - A news story". 17 March 2002. Archived from the original on 17 March 2002.
  16. "Teletax Purchase Media Release". 28 September 2000. Archived from the original on 28 September 2000.
  17. "Company Background and History". 26 May 1997. Archived from the original on 26 May 1997.
Library resources about
MYOB Australia
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