In August, Xero said it had more than 147,000 customers in Australia, all of which are online while MYOB also has desktop products. In a filing with the Australian Stock Exchange, MYOB CEO Tim Reed noted the company’s renegotiating its senior debt and said the company is close to an agreement with a syndicate of banks. Current lenders have committed $640 million. MYOB is a portfolio company of Bain Capital, a company that got some press in this country during the presidential election. Reed also said that while two years ago, only 20 percent of new customers went for a cloud-based subscription, that level has risen to 70 percent. MYOB and Xero also face Reckon, until the last two years the QuickBooks distributor in Australia. That company has released Reckon One, a cloud-based accounting product, that is also in New Zealand and going into the United Kingdom against Xero and Sage One.