Story image

100,000 and counting as MYOB targets future growth

25 Sep 2014

MYOB has surpassed a record client milestone of 100,000 online subscribers, further cementing its position in the cloud accounting space.

This new record follows previously disclosed information in MYOB’s half-year results and investor presentation, where it posted a record first half result, with revenue growth of 21% and EBITDA growth of 29% achieved.

The 100,000 online subscribers milestone has been achieved in under two years from launch of the flagship AccountRight cloud accounting solution.

Further MYOB announced that the percentage of new clients that are taking out an online subscription has passed 70% of total registrations, up from less than 20% two years ago.

“2014 has been an exciting year of records for MYOB," says Tim Reed, CEO, MYOB.

"Achieving rapid growth to over 100,000 online subscribers within two years of launch of our flagship AccountRight cloud accounting solution has been a key achievement.

"Of equal significance is the way in which new MYOB clients are adopting our cloud solutions, with over 70% now choosing one of our cloud accounting solutions.

"With the strong growth in our business it is an opportune time to take stock and prepare ourselves for the next stage of growth.

"With continued strong financial performance and favourable credit markets, it is an appropriate time to negotiate greater flexibility in debt arrangements, lowering the cost of our debt and building in the flexibility for a possible market listing in the future.

"To that end we are actively negotiating with a syndicate of banks to refinance our senior debt and are close to finalising the arrangement.”

The refinancing negotiation has been well supported by existing lenders with a commitment for $640M, and is likely to result in more favourable pricing and more flexible terms for MYOB.

"We are very pleased with MYOB’s continued strong growth and performance against the strategic plan," adds Craig Boyce, Managing Director, Bain Capital.

"The time is right to structure for future growth, and we look forward to further supporting MYOB in the coming years."

Safety solutions startup wins ‘radical generosity’ funding
Guardian Angel Security was one of five New Zealand businesses selected by 500 women (SheEO Activators) who contributed $1100 each.
Hands-on review: The ruggedly tough CAT S61 smartphone
The driveway beckoned me, so I dropped the phone several times.  Back in the study, close examination has failed to reveal a single scratch.
How printing solutions can help save the planet
Y Soft has identified five key ways organisations can become more economical and reduce their environmental impact.
Is NZ’s tech industry starting to mature?
Technology is New Zealand’s fastest growing and third biggest industry.
How Kiwibank aims to enable greater digital inclusion
"Online tools can offer a more convenient and cheaper customer experience, but there can be barriers to usage."
Scammers targeting more countries in sextortion scam - ESET
The attacker in the email claims they have hacked the intended victim's device, and have recorded the person while watching pornographic content.
Inland Revenue to shut down services later this week
“There’s never an ideal time to shut down the tax system but we’re confident the changes will make any inconvenience worthwhile.”
NZ managers prefer intuition to big data, Massey study finds
Many senior managers in New Zealand businesses have an inherent distrust of big data, opting instead to rely on their own intuition.