MYOB invests in cloud-based ERP and financial software provider

Leading New Zealand software supplier MYOB has today announced a minority investment position in Washington-based Acumatica, a provider of cloud-based enterprised resource planning (ERP) and financial software with over a thousand installations of cloud ERP.

The investment will also see MYOB take a seat on the company’s board.

The announcement follows a recent multi-million dollar agreement which allows MYOB to develop a localised cloud-based ERP solution. The move reinforces MYOB’s commitment to building its cloud capability for mid-range, mid-market enterprises, further extending the company’s offering in this segment and beyond its already strong SME base.

MYOB is confident that mid-sized clients across New Zealand and Australia will embrace the opportunities a cloud-based ERP solution can offer, with the company planning to introduce the product  in the first quarter of 2015.

Andrew Birch, MYOB General Manager Enterprise Division, says becoming a shareholder in Acumatica’s business was a natural progression following a successful year’s partnership.

“Before partnering with Acumatica, we reviewed technology platforms around the world for the ideal solution that would enable us to extend our successful mid-market business into the online space,” he says. “After working with the company and the platform for over a year, we have been impressed with the sophistication and functionality of the product.”

Birch says “this new platform provides a complementary state-of-the-art cloud based solution alongside our existing extremely successful on premise MYOB EXO range, giving clients the choice of the ERP solution that’s right for their needs. The cloud solution will also complement our successful family of cloud solutions for SMEs, including MYOB Essentials and MYOB AccountRight.”

Birch says playing a role in the governance of Acumatica will enable MYOB to remain closely involved in the ongoing development of the platform.