MYOB Strengths, Domain Expertise, and Key Differentiators
MYOB Group Ltd is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses and accountants across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. It provides ongoing support through client service channels including a network of over 40,000 accountants, bookkeepers and other consultants.
MYOB Recent Developments
In July 2020, MYOB has launched an integrated employee management tool specifically for small businesses with hourly team members, included in the cost of their software subscription. MYOB Team is available now for MYOB AccountRight users, sending time tracking data directly to the software. Features include a time-tracking app for mobile and tablet, an easy rostering tool and three time capture modes: real time clock on/clock off, timesheets and timesheets with time billing.
In June 2020, MYOB conducted a significant upgrade of its MYOB Practice and MYOB Essentials product suite. Extensive enhancements to functionality and usability are set to be released for small business and accounting and bookkeeping customers. Within MYOB Essentials, the upgrade brings a powerful reporting suite, a feature-rich, highly flexible payroll and mobile responsive experience to the platform. MYOB Essentials customers will have access to integrations from over 150 additional apps and add-ons, giving them greater scope to drive efficiency and productivity. MYOB Team, an employee management and self-service solution, will also be introduced. The updated MYOB Practice puts accountants and bookkeepers at the centre of the workflow, offering richer functionality such as the option to lock files once the work is done.
In March 2020, MYOB launched an online employee portal to support working parents, in partnership with Circle In, offering practical materials and tools for existing or soon to be parents. The Parents Hub is an online resource where MYOB employees can access information across different stages of their parent journey – from taking leave to returning to work and juggling life as a working parent.
In April 2019 MYOB launched a low-cost payroll product for micro-businesses, enabling Single Touch Payroll (STP) compliance. MYOB Essentials Payroll and a payroll component for MYOB Connected Ledger have been released, specifically for micro-businesses with 1 to 4 employees, with each available for $10 per month.
MYOB Mergers and acquisitions (M&A) Activities
In May 2019, US-based private equity giant KKR has successfully completed its $2 billion acquisition of MYOB. KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR’s original offer was $3.77 per share when it first announced its bid in October 2018, before it revised it down to $3.40 after completing its due diligence, with MYOB given 60 days to source for a superior proposal. Law firm Gilbert + Tobin advised KKR on all aspects of the transaction, with corporate advisory partners Alex Kauye and Peter Cook leading the team.
MYOB Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying MYOB applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of MYOB and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified MYOB Essentials, MYOB Accountright, MYOB Essentials Payroll, MYOB Advanced, MYOB EXO, MYOB PayGlobal, MYOB GreenTree, MYOB Practice, customers.
Ownership: - KKR
Number of Employees: 2000
Key Verticals: Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith Based Nonprofit, Youth and Elderly Care Nonprofit, Special Cause Nonprofit, Oil and Gas, Professional Services, Retail, Transportation, Utilities,
MYOB Key Cloud and HCM Applications
MYOB Essentials, MYOB Accountright, MYOB Essentials Payroll, MYOB Advanced, MYOB EXO, MYOB PayGlobal, MYOB GreenTree, MYOB Practice,
MYOB HCM and Cloud HCM Applications Revenues, $M:
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|HCM Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud HCM Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
MYOB Revenue Breakdown by Type:
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MYOB HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets
2019 HCM Revenues, By Sub-Functional Markets, $M
MYOB HCM Applications Revenues By Verticals, $M:
MYOB Total and HCM Applications Revenues by Region:
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MYOB Direct vs Indirect sales
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MYOB Customers - Breakdown by Geo, Size, Vertical and Product
No. of MYOB Customers: 1.2 million
No. of MYOB HCM Applications Customers: 1.2 million
No. of MYOB Cloud HCM Customers: 628000
No. of MYOB Cloud HCM Subscribers: 628000
MYOB has over 1,2 million businesses as customers in Australia and New Zealand. With the newly added 229,000 online subscribers, a 57 percent increase, bringing a total online customer numbers to 628,000. Among MYOB customers are Arcadia, DSK Engineering, Eastern Plant Hire, Trident, Adam Pest Control Pty Ltd, Catering Industries, Don Kibble, First Assistance, Nulab, Pristine Cleaning, Seashells Hospitality Group, Supply Chain Solutions, Tensens Cleaning Supplies, XPO Exhibitions, Australian Slate-Crete, Barkers of Geraldine, Brownies Mattress Direct, Prowler Proof, DDK Commercial Interiors, Rims Engineering, Edcon Steel, Enzed, Mustad, Floyd Instruments, Ullrich Aluminium, and many others.
MYOB Market Opportunities, M&A and Geo Expansions
After the acquisition, with KKR’s support and expertise, MYOB are even better positioned for future growth. They are confident the business will continue to thrive well into the future.
MYOB Risks and Challenges
MYOB's Cloud push is gathering momentum, but it may have to take more drastic measures to stem the erosion of its on-premise customers, some of which have turned to Cloud offerings from fast-growing vendors such as Reckon and Xero.
MYOB Ecosystem, Partners, Resellers and SI
In July 2020, MYOB launched a loyalty program in partnership with Mastercard, allowing sole traders to earn rewards points when they pay eligible business expenses using a Visa or Mastercard credit card in the MYOB AccountRight Live business solutions platform. Enrolled customers can earn MYOB Rewards points on eligible credit card payments now and in the coming months will be able to redeem them for a variety of business perks including vouchers for popular retailers such as Uber Eats, Bunnings, Woolworths, Coles and JB Hi-Fi.
In May 2020, after conducting research on impact of COVID-19 pandemic on the mental wellbeing of small businesses, MYOB partnered with leading Australian not-for-profit in the preventative mental health space, Smiling Mind. The new partnership will see four dedicated modules launched in the leading Smiling Mind app to help small business owners take proactive steps to manage their mental health. The modules include Mindfulness Foundations, Stress Management, Relationships and Resilience, and were designed to help small business owners manage the unique range of stressors and challenges they face on a regular basis.
In June 2019, MYOB has inked a partnership with BPAY Group and BCG Digital Ventures-owned SaaS data company Sypht, to further harness machine learning in document and data extraction. The integration of Sypht will enable MYOB to enhance the quick and accurate extraction of key information from receipts and bills for upload straight to the MYOB platform. The partnership coincides with the launch of MYOB Capture App, an application that harnesses OCR technology to "read" receipts, data match and pre-populate information in MYOB Essentials software. It uses a combination of direct and channel sales for its accounting and ERP packages. MYOB plans to expand the number of its resellers for its enterprise division, which sells the MYOB EXO product to companies with anywhere between 20 and 200 employees in Australia and New Zealand.
MYOB Advanced is an ERP solution that is based upon the Acumatica ERP Platform. MYOB Advanced is the Acumatica ERP system that has been modified for Australian and New Zealand business conditions. Acumatica cannot be purchased in Australia or New Zealand; only MYOB Advanced. The multi-million deal between MYOB and Acumatica, enables MYOB to localize and distribute Acumatica’s ERP solution platform, moving its offering to mid-sized clients into the online space.
MYOB Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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- MYOB Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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