Type Public company Industry Information technology CEO Tim Reed (2008–) Founded 1991, Australia Parent organization MYOB Holdings Pty Limited | Traded as ASX: MYO Predecessor Data-Tech Software Founder Christopher Lee Headquarters Glen Waverley | |
Key people Tim Reed, CEO
Richard Moore, CFO Products Accounting, payroll, customer relationship management, job management, human resources management, retail and professional tax products Profiles | ||
MYOB, Mind Your Own Business, is an Australian multinational corporation that provides tax, accounting and other services to small and medium businesses.
Contents
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 its 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 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.
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.
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.
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.
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 – the cloud-enabled version of its flagship product.
Mergers and acquisitions
Acquisitions by Solution 6 before merger with MYOB
Acquisitions by Data-Tech Software Pty Ltd before changing name to MYOB