MYOB (company)


MYOB is an Australian multinational corporation that provides tax, accounting and other business services software to small and medium businesses.

History

MYOB was founded in the early 1980s by a team of developers at Teleware, Inc., who developed accounting software. Teleware was purchased by Best Software, Inc. 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 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 on 9 July. In subsequent corporate development, MYOB Limited merged with Solution 6 Holdings in 2004. Though the company was founded in the US, 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 Mac 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.
On 21 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 who will continue to be shareholders in the company.
MYOB Group Limited was readmitted to the official list of ASX Limited on Monday 4 May 2015 and shares were publicly traded using the symbol – MYO.
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 Ten's Shark Tank.
MYOB Group Limited was delisted from the ASX on Wednesday, 8 May 2019, sold to private equity firm Kohlberg Kravis Roberts.

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

Acquisitions by Solution 6 before merger with MYOB
Acquisitions by Data-Tech Software Pty Ltd before changing name to MYOB