MYOB to hire more staff following Bain Capital acquisition
- 22 August, 2011 09:52
Financial and business software vendor, MYOB, is set to hire 27 new staff following its acquisition by Hong Kong-based software investor, Bain Capital, from a consortium including Archer Capital and investment company, HarbourVest Partners, for $1.2 billion.
In-depth: Cloud computing strategy guide
MYOB A/NZ corporate affairs general manager, Julian Smith, told Computerworld Australia that no job cuts were envisaged and it was “business as usual” following news of the acquisition.
“We’re actually in the process of increasing our team across Australian and New Zealand by a further 27 people who will be partner evangelists supporting our accountant clients and introducing them to our next generation of Cloud solutions,” Smith said. The company currently has 800 staff in A/NZ.
Bain Capital managing director, Walid Sarkis, said in a statement that the growth potential for MYOB was "very strong", with a trend for entrepreneurs starting up their own business and that with Archer Capital, the company had met the needs of customers through Cloud-based capabilities.
The acquisition was completed on August 21 after UK rival, Sage Group, dropped out of the bidding war due to tough times on the overseas markets.
MYOB chief executive officer, Tim Reed, said the company was entering the era of the connected business and was now focused on Cloud-based services.
"Bain Capital is an ideal partner to take us forward given its proven successes in leading similar to higher ground in other parts of the world," he said.
"Its portfolio group of management consultants can provide the expertise to take us through our next phase of growth."
In May 2010, MYOB announced its move into the Cloud arena with the launch of online accounting offering LiveAccounts in June. At the time, Reed said the move into the Cloud was about providing the company’s customers with choice and would initially complement, rather than replace, its on-premise software business.
“We’re not standing in the marketplace having to peddle a story about Cloud as the only way to go ... we are saying there are different products for different parts of the market," Reed told Computerworld Australia.
Bain Capital has been involved with the Australian market for 15 years and has invested in companies such as drinks company, Frucor, and electronics manufacturer, Startronics.
Follow Hamish Barwick on Twitter: @HamishBarwick
Follow Computerworld Australia on Twitter: @ComputerworldAU
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.
Larry Page wants to see your medical records
Dual-Persona Smartphones Not a BYOD Panacea
After two-year hiatus, EFF accepts bitcoin donations again
CIOs struggle to deliver timely mobile business apps: survey
Spiceworks' free management software gets integrated MDM
CSO Spotlight: Security-as-a-Service Gaining Popularity
Organizations that are looking for security features including identity management, encryption and access control — and at the same time want to take advantage of the cost and flexibility benefits of the cloud —might check into security-as-a-service offerings available now from several vendors. Download now to find out more.
Saving Time and Money with Savvy Use of Flash in Automated Storage Tiering
In a sluggish economy, getting the best ROI on every IT dollar spent is the top priority for almost every business. Storage budgets in most IT environments continue to remain flat or are capped as a percentage of the overall IT spend, while data storage requirements continue to grow at an unsustainable pace. Download now to learn about the benefits of using flash in automated storage tiering.
Endpoint Protection Overview
With the exponential growth and sophistication of malware today, the security industry can no longer afford to ‘bury its head in the sand’. The bottom line is that traditional endpoint security protection is now ineffective due to the sheer volume, quality, and complexity of malware. This paper looks at this problem and how Webroot, by going back to the drawing board on countering malware threats, is revolutionising endpoint protection and solving the issues that hinder existing endpoint security solutions. Download now.