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AIA

MYOB acquires NZ software rival BankLink

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17th May 2013
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Australian accounting software firm MYOB has acquired New Zealand-based accounting platform BankLink for Aus$136m (£87m).

Used by almost 5,000 accounting practices worldwide, the platform’s UK and Ireland branch is not part of the formal offer and will become an independent business, Bankstream.

MYOB said they hope the acquisition will lead the industry growth area of cloud accounting, based on the strengths of both firms.

Founded in 1986, BankLink helps to automate the provision of bank feeds, syncing bank transactions with accounting software, and reducing manual data entry.

The deal could be seen as a threat to competitors, cloud accounting software provider Xero, whose small business platform is currently seeing strong uptake in Australia and has more than 70,000 small business customers in New Zealand.

However, chief executive Rod Drury welcomed the acquisition, saying it would even accelerate firms’ move to Xero.

“We have been migrating thousands of Banklink customers to Xero. BankFeeds have simply become a feature,” he blogged.

“The writing was on the wall for BankLink, and it makes sense for the founders to exit the business after 25 years.”

The acquisition is funded by MYOB’s private equity owned, US-based Bain Capital, with £75m of senior bank debt and new equity.

Drury added that Bain is looking to exit out of MYOB, as they didn’t foresee how the cloud and economics of accounting are rapidly changing.

“Bain probably did not foresee how the cloud is so quickly changing the economics of accounting software,” he wrote.

MYOB remains optimistic about the acquisition, however, heralding the deal as an “exciting time in our industry” in their blog.

“I firmly believe a united MYOB and BankLink will only strengthen our ability to deliver the solutions and services that will drive your business forware,” Adam Ferguson, general manager, accounts division wrote.

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