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MYOB Back In The Black

MYOB Back In The Black

EBITDA was put at $138 million, up 15 percent.

MYOB said the growth was largely driven by the rapid adoption of cloud products from new and existing clients and the introduction of new offerings on the back of strategic acquisitions.

The year ended with more than 1.2 million businesses actively using MYOB SME systems. They included more than 116,000 cloud-based subscribers.

Facing a growing challenge from online-based Kiwi company Xero, CEO Tim Reed noted the company’s continued march towards a fully cloud-based product line. 

“In the last month we launched MYOB Advanced, our first cloud offering for the mid-range market, and are poised to take our first cloud product for accountants to market in the next few months,” he said.