MYOB is an

Australian Australian(s) may refer to: Australia * Australia, a country * Australians, citizens of the Commonwealth of Australia ** European Australians ** Anglo-Celtic Australians, Australians descended principally from British colonists ** Aboriginal Au ...

multinational corporation A multinational company (MNC), also referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation or a stateless corporation with subtle but contrasting senses, i ...

that provides tax, accounting and other business services software to small and medium businesses. It is owned by American private equity KKR.

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 Sage or SAGE may refer to: Plants * ''Salvia officinalis'', common sage, a small evergreen subshrub used as a culinary herb ** Lamiaceae, a family of flowering plants commonly known as the mint or deadnettle or sage family ** ''Salvia'', a large ...

) 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 Stock Exchange Australian Securities Exchange Ltd or ASX, is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as, ...

(ASX) on 9 July. 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. On 6 December 2008, Acclivity announced it acquired MYOB US Inc. and its

Macintosh The Mac (known as Macintosh until 1999) is a family of personal computers designed and marketed by Apple Inc., Apple Inc. Macs are known for their ease of use and minimalist designs, and are popular among students, creative professionals, and ...

(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 In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...

consortium led by

Archer Capital Archer Capital is an Australian private equity investment firm based in Sydney. It was founded as GS Private Equity in 1996. Archer Capital hosts multiple investment funds which invest in businesses across a wide array of industries and sectors, ...

completed a takeover bid for MYOB, returning MYOB to private ownership. On 21 August 2011, Archer Capital sold MYOB to

Bain Capital Bain Capital is an American private investment firm based in Boston. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, and real estate. Bain Capital invests across a range of industry se ...

for an undisclosed amount. The acquisition gave Bain Capital a majority stake in MYOB alongside management continued to be shareholders in the company. MYOB Group Limited was readmitted to the official list of the

Australian Securities Exchange Australian Securities Exchange Ltd or ASX, is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as ...

on 4 May 2015. In November 2017, MYOB proposed to buy Reckon's accounting group for $180 million. However, failure to obtain regulatory permission caused the deal to fall apart in May 2018. In April 2018, MYOB sold its rental payment system RentPay to Rent.com.au for $425,000. In May 2018, MYOB partnered with

Network 10 Network 10 (commonly known as Ten Network, Channel 10 or simply 10) is an Australian commercial television network owned by Ten Network Holdings, a division of the Paramount Networks UK & Australia subsidiary of Paramount Global. One of five ...

's Shark Tank. MYOB Group Limited was delisted from the ASX on 8 May 2019, after sold to private equity firm

Kohlberg Kravis Roberts KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strate ...

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 Windows is a group of several proprietary graphical operating system families developed and marketed by Microsoft. Each family caters to a certain sector of the computing industry. For example, Windows NT for consumers, Windows Server for serv ...

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 * Acquired by Bain Capital in Sept 2011 * 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 * 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 * VIZTOPIA Software Limited and parent company MICL Holdings Limited on 19 September 2000 Acquisitions by Data-Tech Software Pty Ltd before changing the name to MYOB * Teletax Systems Pty Ltd on 8 October 1997 * Bestware in 1996

References

External links

Official website
{{DEFAULTSORT:Myob Accounting software Financial software companies Point of sale companies Online financial services companies of Australia Australian brands Companies formerly listed on the Australian Securities Exchange Bain Capital Kohlberg Kravis Roberts Companies based in Melbourne

History

Products

Mergers and acquisitions

See also

References

External links