MYOB has been named by Australian Financial Review (AFR) in the list of AFR's 50 most innovative companies.
This is the fifth consecutive year the online accounting software provider has been placed in the awards, beating out close to a thousand entrants to take a position in the list.
MYOB was ranked 45th on the list, whereas Xero came in at number 37.
“We are delighted to be recognised as one of Australia's most innovative companies,” says Andrew Birch, MYOB chief operating officer.
“Innovation is at the heart of what we do. Our agile working methodology allows teams from different parts of the business to meet, share ideas and collaborate on solutions that will ultimately make business life easier for small to medium-sized enterprises,” says Birch.
“In the last 12 months we've spent more than $60 million on R-D – one of the largest development budgets dedicated solely to the Australian and New Zealand SME market. We believe this is a real driving force for our innovation, enabling us to deliver online products that meet our clients' needs.
“These awards are a vote of confidence for our teams who work tirelessly to innovate with one end goal in mind; supporting business success.” Anna Curzon, Xero chief partner officer says Xero is proud to have been named 37th on the AFR's 50 most innovative companies. "We invested $120 million in R-D to the 12 months ended 31st March 2017 to ensure we are delivering the best new products and services for our partners and small business customers.
"This investment drives continual innovation of our global small business platform to help customers and partners around the globe thrive," Curzon says.
Birch says he is also pleased to see technology businesses featuring within these awards.
“As one of Australia's largest technology companies, we are delighted to see the tech sector playing a leading role in fostering innovation within the Australian business community.
The Australian Financial Review Most Innovative Companies list is now in its sixth year.
The list ranks the most innovative organisations in Australia and New Zealand, and is the only national, cross-industry list of its kind.
It is assessed by an Australian innovation consultancy, Inventium, using a scientifically proven approach to help organisations grow through innovation.