After a brief-but-fierce takeover battle, MYOB has been sold to Bain Capital. The company announced the transaction earlier this week, along with the usual PR-speak proclaiming it a terrific idea for all involved.
In a press release, Craig Boyce, a Managing Director at Bain Capital, said "We are excited by the prospect of investing alongside the management team of MYOB, to continue developing the terrific business they have built.”
MYOB CEO Tim Reed’s canned quote says “"We are delighted with Bain Capital's commitment to MYOB. We are entering the era of the connected business and are focused on the growth opportunities in front of us, particularly given the strong period of innovation MYOB is enjoying as it moves its business online."
Nothing too interesting there.
|MYOB CEO Tim Reed|
And indeed MYOB users are not very interested either.
Danielle Storey, who commented on our Facebook page had not yet heard MYOB has been bought, but said “There has been a couple of grumbles beforehand about direction, so maybe this will solidify their marketing efforts... depending on who took them over of course.”
Donna Stone of Stone Consulting, a Certified MYOB Consultant, said “users and myself will be wondering how this will affect us at ground level? Last time there was a buy-out releases were delayed, because I assume the focus of the company was not on operations. With this instance, we will of course be wondering what changes may occur and what direction the software will take.”
“I guess like with a change of Government, you just never know what will happen. I guess we just wait and see.”
Heather Smith, a MYOB consultant and My Business blogger says “I truly believe that Craig Winkler the founder of MYOB Australia, positively changed the face of small business in Australia forever. Many within the MYOB family, which extends outside the head office of MYOB to partners, consultants, advisors and shareholders were upset to see Craig Winkler leave MYOB due to the Archer Capital purchase.”
Smith added that she is “pleased” MYOB has been bought.
“Archer Capital has been in the market to sell MYOB for a while, and this may have led to the delay in the release of new suite of MYOB AccountRight products that are on a Microsoft SQL platform, and promise to be more robust, and have an easier interface to connect with other software solutions.”
Smith added that she hopes the purchase accelerates MYOB’s introduction of new cloud products.
But it may be too late for that shift. Another friend of My Business on Facebook, Peter Keeffe, has no interest in MYOB’s future fortunes.
“I had already moved to Xero,” he posted.