MYOB Finance NZ Limited has completed the purchase of New Zealand accounting solutions provider BankLink from Media Transfer Services Limited for NZ$136m. Signing of the purchase agreement had been announced to the Australian Securities Exchange on May 14. MYOB says the deal marks "a significant strategic move" within the cloud computing space and will strengthen the company's financial position as well as boost its share in its ANZ core markets. “Together, MYOB and BankLink have a distinct competitive advantage in delivering our cloud strategy. We now offer an even more comprehensive product suite, addressing the needs of micro businesses through to medium-sized enterprises. The acquisition strengthens the footprint of our business, further secures our market position and will contribute to the strong profit we make every year,” says MYOB CEO Tim Reed. “Sales of AccountRight Live and LiveAccounts now account for one-third of all new MYOB product registrations. However, we recognise the unique needs of every SME by continuing to provide a full suite of both cloud and desktop accounting solutions," he adds. “Bringing together two market-leading businesses enables us to strengthen our accounting industry relationships and to realise greater efficiencies and economies of scale in bringing a superior offering to market. We have received positive feedback from many accountants who see the benefits of the union. With MYOB’s sizeable investment in research and development, which was more than NZ$35 million last year and will increase further this year, our vision is to deliver a fully integrated line-up to benefit all accountants and clients." According to Reed, all MYOB cloud accounting solutions will continue to be powered by BankLink bank feeds.
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