Accounting Software Company MYOB Gets Acquired For $1.2 Billion From Bain, Archer, and HarbourVest

Posted Aug 25, 2011

MYOB is a financial and business software company that has been acquired for $1.2 billion by Bain Capital, Archer Capital, and HarbourVest. MYOB A/NZ corporate affairs general manager Julian Smith said that they do not expect jobs to be cut.

?We?re actually in the process of increasing our team across Australian and New Zealand by a further 27 people who will be partner evangelists supporting our accountant clients and introducing them to our next generation of Cloud solutions,? stated Smith.

The acquisition was finalized on August 21st after Sage Group dropped out. MYOB CEO Tim Reed said that the company is focusing on cloud-based services.