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.
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.