MYOB has detailed the results of a three-year $75 million innovation strategy, which includes its new MYOB Business Platform that will allow businesses to migrate their MYOB solutions to the cloud to connect with their accountant, bank and website.
The announcement came at the same time the company outlined its plans for growth following its acquisition by Bain Capital last month. According to CEO Tim Reed, the launch marks a significant new stage in the high-performing Australian technology business’ development, and underscores the strength of the MYOB business.
“The strength in our financial bottom line is only part of the reason we saw the intense bidding war between a number of international suitors for MYOB, which ultimately resulted in MYOB’s value more than doubling in the past two and a half years.”
After a successful performance in 2010, the company expects similar growth in coming years, as MYOB commercialises its new cloud-based business platform and introduces new revenue streams.
The MYOB Business Platform – a step forward
MYOB’s new cloud-based platform was created on the Microsoft Azure platform and will allow businesses to migrate their current MYOB solutions to the cloud, and then connect to their accountant, bank data and small business website.
Published API will enable third party solutions to plug into the platform making cloud-solutions more convenient, accessible and profitable for Australian business.
According to Reed, the first generation of cloud-based business solutions offered a wholly web-browser based experience, trading off usability and functionality for mobility and access.
“While appropriate for some this doesn’t suit the way most Australian businesses work. Our approach is to offer choice, as well as web-based systems, our platform brings internet to the applications and devices our clients use today.”
Reed said MYOB will also bring a number of new developments to the market over the next 12 months, including the MYOB AccountRight suite which will deliver cloud connectivity between a business owner’s general ledger and their accountant, bank, partners and suppliers.
MYOB will also continue to invest in its nationwide network of service and support, despite the increasing focus on the opportunities provided for business by the internet.
“MYOB has established a new team to support business partners and the accountant channel, and help them work with their clients to realise the power and capability of our next generation cloud solutions. To date, 27 new staff have been hired to create this new partner support unit,” Reed added.