 | |
| Company type | Private company |
|---|---|
| Industry | Information technology |
| Predecessor | Data-Tech Software |
| Founded | 1991 |
| Headquarters | Cremorne, Victoria |
Key people | Paul Robson (CEO) |
| Products | Accounting software, ERP |
| Parent | KKR |
| Website | MYOB.com |
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 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.[ citation needed ]
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]
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.[ citation needed ]
Acquisitions by Solution 6 before the merger with MYOB
Acquisitions by Data-Tech Software Pty Ltd before changing the name to MYOB
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