MYOB (company)

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MYOB limited
Type Private
Industry Information technology
Predecessor(s) Data-Tech Software
Founded Australia (1991)
Headquarters Glen Waverley, Victoria, Australia
Key people Tim Reed, CEO
Richard Moore, CFO
Products Accounting, payroll, customer relationship management, website creation and hosting, job management, human resources management, retail and professional tax products
Website www.myob.com

MYOB, Mind Your Own Business, is an Australian multinational corporation that provides tax, accounting and other services to small and medium businesses.

History[edit]

MYOB was founded in the late 1980s by Christopher Lee and a team of developers at Teleware, Inc., who developed accounting software. Teleware was purchased by Best Software, Inc. (now part of Sage) in 1993. Data-Tech Software was the Australia 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 their name to MYOB Limited and listed on the Australian Stock Exchange (ASX) on 9 July 1999. In subsequent corporate development, MYOB Limited merged with Solution 6 Holdings in 2004. Though the company was originally founded in the US, it ceased operations outside of Australia in 2008.

On 6 December 2008, Acclivity announced it acquired MYOB US Inc. and its Mac (and PC) development team from MYOB Limited of Australia. Acclivity will now drive 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.[1]

On 21 August 2011, Archer Capital sold MYOB to Bain Capital for an undisclosed amount. The acquisition gives Bain Capital a majority stake in MYOB alongside management who will continue to be shareholders in the company.[2]

Products[edit]

MYOB now 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 - the cloud-enabled version of its flagship product.

MYOB has a range of Customer 24hr Support services, Live Chat, email (accessed via entry of licensed serial numbers) and an extensive online knowledge base.

Mergers and acquisitions[edit]

  • BankLink 04 June 2013 [3]
  • Acquired by Bain Capital in Sept 2011[4]
  • Smartyhost on 20 August 2008
  • ilisys on 28 February 2008
  • Exonet on 5 January 2030
  • 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[5]
  • 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 merger with MYOB

  • Xlon Pty Ltd and parent company Ceedata Holdings on 8 December 2000[6]
  • VIZTOPIA Software Limited and parent company MICL Holdings Limited on 19 September 2000[7]

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

  • Teletax Systems Pty Ltd on 8 October 1997[8]
  • Bestware in 1996[9]

See also[edit]

References[edit]

External links[edit]