I don’t intend to use this blog to comment on too many purely internal matters at MYOB, but yesterday Archer Capital and MYOB’s other shareholders entered an agreement for a sale of MYOB to Bain Capital. Both Archer Capital and Bain Capital are private equity firms. The final sale is likely to be completed in the next couple of months. Given the significance of this event I thought I’d make an exception and dedicate this post to internal MYOB matters.
Over the past three years, under Archer’s ownership and guidance, I’m incredibly proud of our accomplishments. We redefined MYOB’s strategy to focus exclusively on Aussie and Kiwi businesses, and invested over $75 million in our products for these markets. This has allowed us to launch our next generation of smarter, connected business solutions. These solutions allow businesses to access their accounts both online and offline, incorporate daily bank feeds reducing data entry, connect SMEs and their accountants and allow them to build a business website in less than 15 minutes. I’m even more thrilled that in the past five months over 20,000 Aussie and Kiwi SMEs have started using these connected solutions.
We have also lifted our client service levels, our last round of satisfaction survey results were the highest we’ve ever received; and we’ve invested in our team, our internal team engagement scores were also our highest ever.
MYOB is able to make business life easier today because of this investment and I’d like to take this opportunity to thank the team at Archer Capital for the confidence they have shown in our business through this investment. They believed in our vision to make business life easier and backed our passion to deliver on our goals – thanks!
I’m also excited about our new investors. Bain Capital has an excellent reputation as a firm that invests in high-quality, client-oriented, growth businesses. They are investors in a company very much like MYOB in Italy called Team Systems. As we continue to release our connected business solutions, I believe that Bain’s experience in owning and guiding businesses like MYOB will assist us to deliver successful solutions to our clients.
For 20 years the MYOB team has been dedicated to doing all we can to make business life easier. It is in our blood. That’s why I’m thrilled to say that going forward the MYOB leadership team won’t change, and that I’ll have the opportunity to continue to lead the business and to deliver on our vision of connected business. Wow! What a great opportunity!