MYOB CEO Tim Reed said more than 60 percent of Australian and New Zealand accounting practices use an MYOB product. The company said it had spent more than $32.3 million ($45 million Australian) on R&D in 2015 and it expanded the number of API partners to 3,500 at the end of 2015, compared to 2,000 at the end of 2014. It also brought to market MYOB Advanced, which is based on Acumatica, and took a stake in the latter company. During the last year, MYOB strengthened its move into New Zealand with the acquisition of payroll providers, Ace Payroll and Information Management Services. MYOB, which has been privately held for several years, went public for the second time, with owner Bain Capital retaining its ownership.
MYOB HITS 170K CLOUD USERS
The MYOB Group said this week it has reached 170,000 online users for 2015, an increase of 46 percent from 2014. The Australia-based company announced the number at its annual MYOB Incite road show. That compares to 250,000 online subscribers that Xero has in Australia and another 150,000 in its home country of New Zealand. However, MYOB has thousands of on-premise users in its home country while Xero is cloud-only.
