Monday, 01 August 2016 10:26

MYOB acquires Greentree


MYOB has acquired Hei Matau Holdings 2000 Limited, the ultimate shareholder of the New Zealand-based Greentree group of companies, for NZ$28.5 million.

MYOB's acquisition of ERP vendor Greentree indicates the company's continued commitment to the enterprise side of its business.

Greentree provides ERP software to over 850 larger (100-1000 employees) businesses in Australia, New Zealand and the UK.

Greentree's business is based on perpetual licensing of on-premises software.

In recent years, MYOB has been moving away from perpetual licensing to subscriptions, and from on-premises to cloud delivery.

MYOB's enterprise solutions division has more than 7000 clients with approximately 20-500 employees.

It sees the acquisition as as way to reach larger enterprises, to accelerate growth through through the existing Greentree channel, and to apply MYOB's online capabilities to current Greentree products.

“We are delighted to announce the acquisition of Greentree, in line with our stated strategy of targeting value-add acquisitions to complement organic growth. Greentree is a quality business and has a very experienced team who collectively bring a wealth of knowledge and experience in the evolving ERP sector," said MYOB chief executive Tim Reed.

Greentree CEO Peter Dickinson said “This is exciting for our team and a great opportunity to work closely with MYOB to develop and deliver the leading online and on-premise ERP solutions that our clients need to successfully stay ahead in a rapidly changing world.”

The purchase was funded from MYOB's cash reserves. NZ$25.1 million has already been paid, with the balance subject to certain conditions and due in 2017 and 2018.

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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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