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MYOB (company)

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MYOB limited
Company typePublic company
ASX: MYO
IndustryInformation technology
PredecessorData-Tech Software
FoundedAustralia (1991)
HeadquartersGlen Waverley, Victoria, Australia
Key people
Tim Reed, CEO
Richard Moore, CFO
ProductsAccounting, payroll, customer relationship management, job management, human resources management, retail and professional tax products
WebsiteMYOB.COM

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

History

MYOB was founded in the early 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 and New Zealand in 2008.

Co-founder Brad Shofer walked away from the company in 2003 after burning out.[1]

On 6 December 2008, Acclivity announced it acquired MYOB US Inc. and its Mac (and PC) development team from MYOB Limited of Australia. Acclivity 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.[2]

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.[3]

MYOB Group Limited was readmitted to the official list of ASX Limited (ASX) on Monday 4 May 2015 and shares are publicly traded using the symbol – MYO.[4]

Products

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.

Mergers and acquisitions

  • BankLink 4 June 2013[5]
  • Acquired by Bain Capital in Sept 2011[6]
  • Smartyhost on 20 August 2008 – divested 5 August 2013
  • ilisys on 28 February 2008 – divested 5 August 2013
  • Exonet on 5 January 2003
  • 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[7]
  • 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[8]
  • VIZTOPIA Software Limited and parent company MICL Holdings Limited on 19 September 2000[9]

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

  • Teletax Systems Pty Ltd on 8 October 1997[10]
  • Bestware in 1996[11]

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".
  3. ^ "Bain Capital signs definitive agreement with Archer Capital to acquire MYOB Ltd".
  4. ^ "MYOB Group Limited listed on ASX".
  5. ^ [1]
  6. ^ Bain Capital confirms MYOB buyout, From: AAP, 1 September 2011
  7. ^ 2006_Half_Year_Financial_Statements, pdf document.
  8. ^ http://web.archive.org/web/20010401101036/http://www.xlon.com.au/
  9. ^ http://web.archive.org/web/20020317083951/www.solution6.co.uk/welcome/news000919_01a.htm
  10. ^ http://web.archive.org/web/20000928235405/www.myob.com.au/about_myob/news/teletax_release.shtml
  11. ^ http://web.archive.org/web/19970526160515/www.datatech.com.au/dts/bkgrnd.html
Library resources about
MYOB Australia
  • Website
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