The Channel logo

News

By | John Oates 16th August 2011 15:01

Sage looking to mind Mind Your Own Business' business

Looking for a bit of down-under gobblement

Geordie accountancy specialist Sage is in the race to buy Australian firm MYOB (from Mind Your Own Business) which offers similar services down under.

The deal could close for as much as A$1bn (£637m) according to sources quoted by Reuters.

MYOB has been in business for over 20 years and claims a million Aussie and Kiwi customers.

It started life with one accountancy product but now offers various business, payroll, sales and marketing products.

But the British accountancy specialist could face rival bids from private equity firms Bain Capital and Kohlberg, Kravis Roberts and Co.

Sage has made several smaller buys in recent years.

The official statement from Sage said: "The Sage Group plc ("Sage") notes the press speculation regarding a potential acquisition of MYOB Pty Ltd ("MYOB"). Sage can confirm that it is currently considering a potential acquisition of MYOB. However there is no certainty that it will proceed. The company will provide further information, if and when appropriate."

Two private equity companies paid A$450m (£287m) in 2008 for MYOB, a nice little return. ®

comment icon Read 5 comments on this article alert Send corrections

Opinion

Neil McAllister

Claims that cloud will drive Oracle's future growth ring hollow
Pure Storage array

Neil McAllister

How the cloud taught Redmond to play by a new set of rules

Features

Pebble Steel
Meet the man who accidentally created the smartwatch hype
No, silly... he was the fall guy for years of Finnish folly
Fraud image