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SAGE CONFIRMS BID FOR MYOB

MYOB logoThe Sage Group has confirmed it is one the parties bidding to acquire MYOB, an Australian company whose names has roots in the United States. The British parent of Sage North America released a statement that "Sage can confirm that it is currently considering a potential acquisition of MYOB. However there is no certainty that it will proceed. The company will provide further information, if and when appropriate." Published reports have the Sage bid at $1.4 billion.

The price was not addressed by the Sage statement. The name MYOB stems from Mind Your Own Business, a brand of low-cost accounting software that was started in Rockaway, N.J., and was a strong player on the Mac platform. Years ago, founder Chris Lee took on Australian partners and MYOB became based there and Lee left. MYOB pulled out of Canada and later the United States. It was a public company, but was taken private by private equity investors three years ago. As a result of the U.S. withdrawal, managers in New Jersey purchased the operations here and named their company Acclivity. They took over the AccountEdge line that is marketed to Mac and PC users in the U.S. and Canada.
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