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AIA

MYOB offloads Solution 6 infrastructure division

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5th Jan 2005
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In the week before Christmas, MYOB sold its UK Network and Integration Services (NIS) division to Tikit Group plc for approximately A$2.5m in cash.

MYOB explained that the sale resulted from a review of its operations following the merger with Solution 6. The UK network unit did not fit with MYOB's core business, the company said in a press announcement.

According to Simon Crompton, general manager of MYOB's Accountants Division, MYOB was now "an extremely focused organisation, dedicated to helping accountants and business owners achieve greater success".

Tikit will remain a strategic partner for MYOB in the UK and act as its preferred supplier for infrastructure projects. Previously, the NIS division would step in at Solution 6 clients such as Kingston Smith, where it tied together the client's tax and practice management systems with a thin client solution running across a wide-area network linking several offices.

The NIS sale followed MYOB's disposal of Pollak Learning Alliance to its management team in November. The timing of the second sale was just over a week before MYOB's 31 December year end. According to a trading statement attached to the sale announcement, the Australian software house anticipated revenues of A$121m for the year, representing a rise of 36% in its turnover.

For its last financial year to 30 June, NIS earned A$8.5m. MYOB estimated that had they not been sold, NIS and Pollak would have been expected to contribute an additional $2.6m from the time the Solution 6 merger was completed until the end of 2004.

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