That was to give time for competing offers to be submitted that might better the KKR bid. However, none were received. The process now enters the regulatory approval stage with a shareholder vote likely to be held mid to late April with the proposal already having been endorsed by management. At the time of the 2018 earnings webcast this week, the go-shp period had not expired and CEO Tim Reed limited comments on the subject. However, he said from discussions with KKR he did not think it likely there would be a change in strategy, which includes completing the MYOB platform and growing the payments and payroll business. MYOB had a reasonably good year in 2018. With depreciation added back, net profit reached roughly $72.9 million an increase of 2 percent over the prior year’s earnings. Revenue for the most recent year was approximately $317.7 million, a 5.7-percent increase from 2017 revenue. Enterprise revenue rose 5 percent to roughly $48.4 million. That segment includes sales of MYOB Advanced, which is based on the Acumatica platform. Reed said the number of online subscribers had reached 628,000, an increase of 57 percent from the prior year, and the company expects to reach 1 million subscribers next year.
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KKR BUY OF MYOB NEARS VOTE Featured
MYOB is almost certainly going to be acquired by investment firm KKR. The Australia-based software company noted this week it’s “Go Shop” period had expired.
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