Leading provider of online business management solutions, MYOB Group
Limited (ASX: MYO) today announced the acquisition of Greentree for a
total consideration of NZ$28.5 million.
Headquartered in Auckland, Greentree delivers leading enterprise
resource planning (ERP) software to over 850 larger businesses across
Australia, New Zealand, UK and US. With over 25 years’ experience,
Greentree distributes via a partner channel into the enterprise
market, comprising companies with approximately 100 – 1,000 employees.
Its product suite has broad, on-premise ERP functionality and
licensing is primarily perpetual with annual maintenance.
MYOB helps businesses succeed by providing online business
management solutions for its 1.2 million clients across Australia and
New Zealand (ANZ). The company’s Enterprise Solutions division is a
leader in the ANZ enterprise market, delivering ERP and HRM (human
resource management) software to over 7,000 clients with approximately
20 - 500 employees.
Enterprise Solutions is a growing part of the MYOB business,
contributing A$41 million of revenue in FY15), up 4 percent year on
year, underpinned by the successful integration of PayGlobal, acquired
in August 2014, and the launch of online solution MYOB Advanced in
early 2015. Since its inception 18 months ago, MYOB Advanced has
exceeded market expectation across Australia and New Zealand and is
now positioned as the fastest growing cloud ERP solution for the mid-market.
The Greentree acquisition enables MYOB to further extend its
mid-market leadership into larger enterprise business offerings and
apply its marketing and distribution resources to accelerate growth
through the existing Greentree channel. MYOB will leverage Greentree’s
considerable large company expertise and provide its leading online
capabilities to the current Greentree product range.
MYOB CEO Tim Reed said: “We are delighted to announce the
acquisition of Greentree, in line with our stated strategy of
targeting value-add acquisitions to complement organic growth.
Greentree is a quality business and has a very experienced team who
collectively bring a wealth of knowledge and experience in the
evolving ERP sector.”
“We’re thrilled with the growing prominence of MYOB in the ERP
space. 2015 saw the expansion of our business with the addition of
MYOB Advanced to our market leading EXO Business product line. MYOB
will be the first to market with and integrated online ERP and Payroll
solution for bigger business. The acquisition of Greentree further
reinforces our commitment to bigger businesses in Australia and New
Zealand and expands our ERP product suite to establish MYOB as a
dominant leader in the mid-market.”
Greentree CEO Peter Dickinson said: “This is exciting for our
team and a great opportunity to work closely with MYOB to develop and
deliver the leading online and on-premise ERP solutions that our
clients need to successfully stay ahead in a rapidly changing world.
It’s a compelling partnership which allows Greentree to leverage
MYOB’s significant scale and resource and tap into new markets.”
The acquisition of Greentree is scheduled to complete on the
1st August this year.
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MYOB Group Ltd (ASX: MYO) is a leading cloud based business
management solutions provider. It makes business life easier for
approximately 1.2 million businesses across Australia and New Zealand
by simplifying accounting, payroll, tax, practice management, CRM, job
costing, inventory and more. MYOB provides ongoing support via many
client service channels including a network of over 40,000
accountants, bookkeepers and other consultants. It is committed to
ongoing innovation, particularly in cloud computing solutions, and in
2015 was awarded the BRW award for the most innovative large company
for 500+ employees and placed 2nd in BRW’s Most Innovative Companies
Award list across all categories nationally. For more information,
visit http://investors.myob.com.au/Investors or follow @MYOB on Twitter.