Revenue for the most recently ended half came in about $130.8 million or so, up 21 percent from last year’s corresponding period. The company is also important as a competitor to occupy some of Xero’s time in Australia and New Zealand. While Xero trumpeted last month that it hit 147,000 paying customers in Australia, MYOB CEO Tim Reed said that in his company’s home country, “Usage of MYOB accounting software is more than four times our nearest competitor.” Like other cloud companies, MYOB is investing in mobile products, including the new PayDirect for credit card payments on smartphones. During the half, it also purchased PayGlobal, which Reed said “has doubled our presence in the mid-to-large sized business market in Australia and New Zealand.” MYOB ended the half with a staff of 1,146, a 10 percent increase over the first half of 2013. And besides, with the web erasing market boundaries, we could see MYOB again.
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MYOB REBOUNDS IN FIRST HALF Featured
MYOB hasn’t been in the United States since it spun out the Acclivity Group, which markets AccountEdge, late in 2008. But with its decision to invest in Acumatica, MYOB has become worth looking at. And in its financial report for the first half ended June 30, the company mentioned its plan to introduce a cloud product for larger businesses in 2015, presumably the MYOB Advanced application mentioned at Acumatica’s recent partner summit. So let's look at the numbers. For the half, profit was about $830,000, compared to a loss of roughly $250,000 a year ago.
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