A message from MYOB CEO, Tim Reed

Hi everyone.

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!

  • Congratulations – there are too few really successful software companies in Australia and MYOB’s success is a good thing all round for the local industry…and as for the price paid and the ROI for Archer, that speaks very highly of the current management.

    • Gilbert Moase

      I am angry at all my wasted time today trying to access my own fully paid for MYOB program: insane waiting times on a variety of phone numbers (no doubt due to the cost saving retrenchments and closure of the relevant departments), the arbitrary registration disablement of my MYOB programme apparently because I hadn’t used it in a while. Then trying to online register was functionally sabotaged as a result – Catch 22 because if you can’t register on line you can only register over the phone! The absence of a ‘company 10 digit ID’ in my disabled and restricted MYOB access renders this alternative automated phone dialogue process useless. With reluctance I tried to ring but was on hold for at least half an hour on various number consecutively. After 10 years I’m migrating to an alternative product. For me to spend the best part of an hour grappling with all of the above is inexcusable and demonstrates that there is a vital dynamic missing at MYOB.

      • Steven Wright

        Hi Gilbert,

        I’m sorry to hear you’ve had a less than ideal experience. We’ve got a range of options with regards to support, and can I suggest you lodge a ticket on the Community Forum (http://community.myob.com.au)? We’ll then get a product support expert to help you out, and resolve this as soon as possible. I hope this can be of help.

        Regards, Steve

  • Julian

    Congratulations on adopting the tried and tested price gouging methodology ised by many companies operating in the Australian market.

    Back in 2008 (not that long ago really) I spent AUD$800 on Accounting Plus – today I find out that I need to pay a further $600 for a 64bit upgrade.

    A more reasonable pricing structure (try $300 perhaps?) might keep long term customers sweet and coming back but now you are owned by lascivious private equity groups theres no hope of that I guess.

    No matter, there are plenty of competitors out there these days so I think I’ll let my feet do the talking by walking to a different software provider. I implore others to do the same.

    Price gouging is not polite or even good buiness – I hope you go bankrupt – morally you already are.

  • Kelvin Blair

    Mr Tim Reed , I must make comment of the latest upgrade to Accounting Plus , and the cloud my life as a small business owner has only been made harder because of your program than runs slow , drops out as we are doing our pay runs , and then we have to redo 30 plus pays , we have used MYOB from the start of its existence , and I might say every time its upgaded it is harder to use . I used to look forward to using your product but not now I dread , why are there so many problems ?? Do you do any RESEARCH AND DEVELOPMENT or do you expect the customer to call with every problem your program , we are now looking for an alternative to your product , like many others we know.
    Kelvin Michele Blair , Kilkenny Cleaning Services P/L

    • Hi Kelvin,
      Sorry to hear you’ve got some concerns with AccountRight. We’ve made a range of changes over the years, with updates to architecture (how the software is built, to enable extended capability) as well as its core capabilities. On the speed front, we’ve put together a list of recommendations to help optimise your system to ensure it’s running at its best – see http://myobaustralia.custhelp.com/app/answers/detail/a_id/33860. As for the dropping out, our support team can definitely help you if you lodge a ticket: http://community.myob.com. We really hope we can help. Thanks, Tim