MYOB receives millions to invest in R&D

MYOB receives millions to invest in R&D

The investment is part of a four-year business plan that will kick in at the end of calendar year 2012

Since it was acquired by Bain Capital in August, business management software vendor, MYOB, has revealed it will receive a $100 million investment in research and development.

The investment is part of a four-year business plan that will kick in at the end of calendar year 2012.

Bain Capital purchased MYOB from Archer Capital for $1.2 billion.

Under Archer, MYOB received a $75 million three-year investment that will come to a close at the end of calendar year 2012.

MYOB CEO, Tim Reed, said the company was very comfortable with the level of investment, which will be used to continuously develop its platform.

“We’re investing more dollars and taking more ambitious strategies,” Reed said. “We’re also making sure we can develop APIs, so if a client chooses to use our accounting system, but they have their website developed by someone else, then the APIs will enable them to connect from the website into our accounting system.

“We’re going to offer clients choice and we’re very comfortable with the level of investment that we’re making verses the ambition that we’re taking on in regard to that.”

Reed said MYOB conducts a massive amount of research among businesses yearly to measure performance and discover what’s important for them from its products.

It has launched a new MYOB Business Platform, which uses Microsoft Azure, and its AccountRight suite is currently in technical preview, set to be released in 2012.

The new Cloud-based suite provides connectivity between a business owner’s general ledger, accountant, bank, partners and suppliers.

Since the start of the year, the vendor boasted it had more than 28,000 clients using its Cloud-based solutions and more than 700 approved developers working on its platform.

Reed said it would make separate investments in terms of its partners and resellers. It has put a new team in place, hiring 27 staff, to provide support and training to business partners and accountants in using its cloud offerings.

Earlier this year, MYOB launched a new initiative with Google to help Australian businesses boost their online presence.

The project named, Getting Aussie Businesses Online uses MYOB’s Atlas Web builder tool, which aims to get users up and running online within 15 minutes.

The vendor also partnered up with PayPal to enable small businesses to use e-commerce and payment services online.

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Tags cloud computingsoftwaree-commercepaypalmicrosoft azurearcher capitalMYOB< Bain CapitalATlas Web builder


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