MYOB Holdings subsidiary, MYOB Finance NZ Limited, has inked an agreement to purchase Media Transfer Services (MTS) company, BankLink.
The acquisition was worth $NZ 136 million, including $NZ 75 million in bank debt.
The purchase was announced on the ASX and is expected to be complete by June this year.
MYOB said, in a statement, that the acquisition is a strategic move that will leverage the strengths of both companies, as well as position the new entity to extend its presence within the Cloud accounting space.
The acquisition also provides MYOB with a extended range of solutions, including BankLink’s BankLink Practice offering.
MYOB CEO, Tim Reed, said the company’s partnership with accountants in practice is key yo its online strategy.
“The coming together of MYOB and BankLink allows accountants to recommend the most appropriate accounting solution for each and every client. In addition, we can now further enhance this partnership by having more team members on the ground,” he said.
According to Reed, accounting is going through a period of “rapid innovation” of Cloud solutions replacing desktop applications and bank feeds becoming a key component of a Cloud solution.
BankLink’s European business does not form part of the acquisition.
The UK based operation, soon to be renamed Bankstream, will be retained by BankLink director, Derek Jones, and will be supported by a dedicated development and operational team based in Auckland.