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MYOB Swallows Greentree – Seeks More Big Biz Targets

MYOB Swallows Greentree – Seeks More Big Biz Targets

Accounting software company MYOB – currently locked in a battle with New Zealand-based Xero – has secured its purchase of the parent company of NZ-based ERP software outfit Greentree for $27 million, and says it is looking for more such targets.

While best known for its small-medium software used by thousands of Australian accounting practices and their clients, MYOB has been seeking to take on larger business clients in its enterprise division.

“For the time being we’re focused on integrating Greentree as well as we can, but we do have a lot of potential acquisition targets and we’ll keep reviewing that list in the coming months,” CFO Richard Moore told the Financial Review.