Revenue was approximately $25 million for the Enterprise space. Advanced is based on the Acumatica platform. MYOB has a minority investment in Acumatica. Overall, after-tax profit was down 6 percent to roughly $33.6 million with revenue up 7 percent to about $159 million and recurring revenue up 8 percent. Executives were very pleased with the Enterprise performance. “It was the fastest organic growth that we've had in our Enterprise Solutions business for the last five years,” CEO Tim Reed said during an earnings webcast. Executives said the company will continue to pursue acquisitions following its failure to close a deal to buy the Reckon Accountants Group. MYOB terminated that effort after the parties were unable to secure regulatory approval within their target window. MYOB Advanced sites are 57 percent higher than a year earlier and 58 percent of new Enterprise clients are picking that product, compared to 54 percent a year earlier. “There are a couple of functional areas within MYOB Advanced that we still need to build out to push that materially higher. They will be coming over the next 6, 12 and 18 months,” Reed said.
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MYOB ADVANCED SITES UP 57 PERCENT Featured
MYOB’s Enterprise business showed a double-digit increase in organic revenue and an 11 percent increase in recurring revenue for the first half ended March 31, the company reported last week. The Australia-based software company, said that its MYOB Advanced comprised “almost 60 percent of our sales in ERP software” in the recently ended half .
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