Leading ASX listed tech company MYOB is driving digital change across the accounting industry and generating strong returns for a growing shareholder base, CEO Tim Reed told investors at the ASX in Sydney.
Presenting to investors at the exchange today, Mr Reed said that delivering solutions to big and small businesses and their accounting partners that drive digital transformation and enable greater efficiencies is the focus for MYOB, the leading provider of online business management solutions to businesses across Australia and New Zealand.
“From its early beginnings as a tech start-up in the early 1980s, MYOB’s founders started with a clear vision to help businesses succeed and for 26 years the company has been focused on that, with 1.2 million businesses using our solutions,” Mr Reed said.
Mr. Reed was presenting to investors as part of the newly launched ASX CEO Connect program, designed to showcase the quality of investments available on the ASX. A home-grown Australian company with a more than a quarter of a century of innovation and growth initiatives, MYOB is an established leader in Australia’s burgeoning listed tech sector.
“We have a proven track record of delivering profitability and growth for shareholders,” Mr. Reed added.
A market-leading SaaS business, MYOB has accelerated an increase in online subscribers and improved lifetime customer value. This customer-focused approach has seen the company report a record 53% uplift in in online subscriptions in the 12 months ending June 30, as MYOB leads the industry in the move onto the cloud, resulting in an increase in the average revenue per unit and customer retention in a highly competitive market place.
MYOB has returned more than $130 million to shareholders via a consistent dividend stream. In 2015, MYOB raised more than $833 million in an IPO on the ASX in the largest tech raising to that point, seeing strong demand from investors including institutions in Australia and U.S. investors.
The ‘original fintech start-up’ has paved the path for many other public tech companies in Australia. There are now more than 210 technology companies on the exchange with a combined market capitalisation in excess of $60 billion, according to ASX data.
“ASX and nabtrade are delighted to have MYOB join the newly launched ASX CEO Connect program,” said Max Cunningham, Executive General Manager Listings and Issuer Services at the ASX. “We believe it is an excellent platform to showcase the quality of investments available on the ASX.”
Investor appetite for technology stock remains strong as evidenced by Bain Capital’s sale of 97 million shares late last week, broadening MYOB’s share register. Bain has slowly sold down their initial holding in the publicly-listed MYOB and now holds a 23% stake.
Mr. Reed said that since Bain acquired MYOB in 2011 they have played a significant role in the expansion and evolution of the business.
“We welcome the new investors to MYOB who join at an exciting time for the company, as it enters its next stage of growth, leading the digital transformation of the accounting industry,” Mr. Reed said. “We’re also pleased to see the increased liquidity this latest sell down delivers.”
Mr. Reed described the long-term strategy and growth drivers that will continue to provide investors with strong returns. The new Payments segment is increasing the company’s total addressable market and providing strong revenue growth opportunities and its Enterprise, or bigger business, segment is showing very promising growth.
For further comment or other information please contact:
Morag MacKinnon, Financial PR Specialist, MYOB
M: +61 415 066 744 / E: firstname.lastname@example.org
MYOB Group Ltd (ASX: MYO) is a leading provider of online business management solutions. MYOB 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 operates across four strategic segments – Small to Medium sized businesses (SMEs), Practices (accountants, advisers and bookkeepers), Enterprise (larger businesses) and Payments. It provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. MYOB is committed to ongoing innovation and delivering efficiencies and growth opportunities for its growing client base across Australia and New Zealand. For more information, visit http://investors.myob.com.au/Investors or follow @MYOB on Twitter.