MYOB enhances cloud offering with minority start-up stake

New Zealand business solutions provider MYOB has purchased a minority stake in Kounta, a high growth start-up that provides cloud-based Point of Sale (POS) solutions.

For an undisclosed sum, the partnership will see MYOB and Kounta launch an integrated online solution for MYOB clients.

As a result, the solution will combine accounting and POS later this year, designed to make it easier and more efficient for small and medium businesses to run their stores and manage their business.

The solution will integrate with MYOB’s cloud accounting solutions MYOB Essentials and MYOB AccountRight.

MYOB General Manager, Connected Services, Andrew Birch says the investment is a key strategic move that will solidify the accounting software provider’s position in the retail POS, mobile payments and eCommerce space.

“We’re very pleased to announce our partnership with Kounta, a successful start-up renowned for its flexible and scalable online POS solutions," Birch says.

"Typical POS systems are made up of a mix of both hardware and software from different vendors. This will be a total solution from MYOB and fully integrated to eliminate compatibility and syncing risk between systems.

"Seamless integration ensures the data is reliable, accurate and up-to-date as a client can work from and maintain its customer and stock information all in one place and in real-time.

“The MYOB-Kounta partnership is integral to our vision of making cloud accounting easy for every business.

"The partnership also reinforces MYOB’s continued commitment to servicing the New Zealand and Australian SME market."

Founded in 2012, Kounta powers stores around the world and offers the flexibility of both online and offline access on multiple platforms such as iPads, Android tablets, Mac, Windows and the existing POS equipment retailers already have.

“Over the past few years Kounta has worked hard to re-imagine the way retailers do things at Point of Sale and it’s great to see such established and innovative companies like MYOB validating, investing in and supporting this new approach," adds Nick Cloete, founder, Kounta.

“Kounta remains committed to an open platform and will continue to design and develop intuitive Point of Sale solutions with the ability to extend functionality through integration partnerships with all other leading online and mobile services like accounting, payments, loyalty, inventory, eCommerce and more.”

According to Birch, MYOB is already implementing a number of initiatives to bring connected services and solutions to SMEs, including mobile payments solution MYOB PayDirect, and website builder MYOB Atlas.