Accounting software vendor MYOB is capitalising on the heady sales figures of July to branch out into the Asian market with its Malaysian subsidiary MYOB Asia, acquiring Kuala Lumpur-based distributor SeaSoft Computer Services.
Cashed-up after announcing record half-year results, MYOB will pay around $1.15 million for SeaSoft, as well as the agreed value of the distributor's net assets. SeaSoft's 30 existing employees will be retained and MYOB will offer key staff share options in the company.
SeaSoft has distributed MYOB's accounting software for SMEs for more than seven years and operates a customer call centre and training operation throughout Asia. MYOB will take on distribution management of the company's network in Hong Kong, the Philippines, Singapore and Sri Lanka.
MYOB CEO Craig Winkler said the acquisition would help the company enhance its presence in the growing Asian market.
MYOB Asia will also be able to capitalise on its Multimedia Super Corridor status - a scheme set up by the Malaysian government to further IT development by offering selected foreign investors benefits such as a five-year tax free honeymoon period and full foreign ownership.