MYOB completes BankLink acquisition
Following an agreement last month, MYOB has completed a $136 million acquisition of unlisted New Zealand business BankLink.
After announcing a potential deal to the Australian Securities Exchange on May 14, the purchase has now been finalised.
“Together, MYOB and BankLink have a distinct competitive advantage in delivering our cloud strategy," says Tim Reed, CEO, MYOB.
"We now offer an even more comprehensive product suite, addressing the needs of micro businesses through to medium-sized enterprises.
"The acquisition strengthens the footprint of our business, further secures our market position and will contribute to the strong profit we make every year."
A successful Kiwi business, the BankLink Service is used by nearly 5,000 accounting practices, and more than 320,000 small businesses throughout the ANZ region.
Each month, it securely delivers in excess of 13 million customer transactions from over 100 banks, credit unions, brokers and fund managers.
“Sales of AccountRight Live and LiveAccounts now account for one-third of all new MYOB product registrations," Reed continues.
"However, we recognise the unique needs of every SME by continuing to provide a full suite of both cloud and desktop accounting solutions.
“Bringing together two market-leading businesses enables us to strengthen our accounting industry relationships and to realise greater efficiencies and economies of scale in bringing a superior offering to market.
"We have received positive feedback from many accountants who see the benefits of the union.
"With MYOB’s sizeable investment in research and development, which was more than NZ$35 million last year and will increase further this year, our vision is to deliver a fully integrated line-up to benefit all accountants and clients."