Acquires Information Management Services Limited (IMS) for NZ$9.7 Million
Sydney, Sep 30, 2015 AEST (ABN Newswire) - Leading cloud accounting provider MYOB Group Limited (
ASX:MYO) today announces the acquisition of New Zealand-based payroll provider Information Management Services Limited (IMS) for a purchase price of NZ$9.7 million. NZ$8.1 million has been paid on completion with the remainder due in 2016 and 2017 based on satisfying certain conditions.
IMS is a leading provider of payroll solutions to over 10 000 small and medium businesses in New Zealand (NZ). Many of the IMS payroll clients currently use MYOB accounting solutions leading to an increase in average revenue per client rather than an increase in paying users. IMS is a profitable business that will be immediately accretive to MYOB's earnings.
MYOB Chief Financial Officer Richard Moore said:
"We are pleased to announce the acquisition of IMS, in line with our strategy of targeting value-add acquisitions which enhance MYOB's core business. It follows the successful acquisition and integration of New Zealand based PayGlobal in August 2014 and Ace Payroll in May 2015."
"Payroll is an attractive market segment in NZ with significant online growth potential. This acquisition will help deepen our relationship with NZ clients as we continue to roll out MYOB's next generation of cloud accounting and payroll solutions."
IMS Director Kevin Atkinson said:
"IMS has provided a market leading range of payroll solutions for NZ businesses over the last three decades. Uniting with leading cloud accounting provider MYOB is the natural next step for our business and an exciting outcome for our clients."
About IMS
IMS has been developing and supporting payroll solutions for New Zealand businesses for over 30 years. It supplies payroll software to over 10,000 businesses who have between 1 to 5000+ employees in NZ and the Pacific Islands. The company was founded in 1983 by Kevin Atkinson a prominent Hawkes Bay community leader who is currently Chair of Hawkes Bay District Health Board, Chair of Unison Networks and a Director of Hawkes Bay Rugby. For more information visit http://www.imspayroll.co.nz
To view the release, please visit:
http://media.abnnewswire.net/media/en/docs/81059-ASX-MYO-430686.pdf
About Myob Group Ltd
MYOB Group Ltd (ASX:MYO) is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses and accountants across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. It provides ongoing support through client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly through its Connected Practice Strategy and through the development of the MYOB Platform. For more information, follow @MYOB on Twitter or visit https://investors.myob.com.au/Investors
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