The company expects continued growth from subscriptions. CEO Tim Reed says MYOB projects it will have more than 1 million online subscribers in Australia and New Zealand by 2020. Revenue last year was roughly $416.5 million, a 12.4-percent rise from the prior year. The results reported this week showed a 60-percent increase in online subscribers. MYOB's Enterprise solutions operations—whose MYOB Advanced is built on the Acumatica engine—had a 25-percent rise in revenue for the year most recently ended. Eighteen percent of that stemmed from a full year of revenue from the acquisition of Greentree in August 2016. Excluding acquisitions, rose 7.5 percent from 2016. The unit accounted for 16 percent of all revenue.
MYOB PROSPERS ON SUBSCRIPTIONS Featured
MYOB grew in 2017 for the same reason most other publishers had revenue growth in their last year-subscription growth was up for the year ended December 31. The Australia-based financial software company reported approximately $60.7 million in net after-tax profit for the most recently ended year, a 47.5-percent increase from 2016.
