MYOB (company) - History

History

The MYOB name was first used on a small business accounting software product originally developed by Christopher Lee and the team at Teleware, Inc. in the United States in the late 1980s.

In 1996 the Australian republisher, Data-Tech Software then purchased the intellectual property rights to the software and provided equity to Christopher Lee. In 1999 the company changed its name to MYOB Limited and listed on the Australian Stock Exchange (ASX) on 9 July 1999.

In subsequent corporate development, MYOB Limited merged with Solution 6 Holdings in 2004, further expanding MYOB's footprint with accounting practices in Australia and New Zealand, and expanding its range of products and services for accounting practices.

In May 2008 MYOB launched a new package of online services, including web hosting, email hosting and domain registration.

In June 2008, founding CEO Craig Winkler was replaced as CEO by Tim Reed. Mr Reed joined MYOB in 2004, and was the company's former Managing Director for Australia.

During 2008 MYOB exited its operations in the USA, UK, Ireland and Asia, so as to refocus on its most successful businesses in Australia and New Zealand.

In January 2009, a private equity consortium led by Archer Capital successfully completed a takeover bid for MYOB, returning MYOB to private ownership.

On 21 August 2011, Archer Capital sold MYOB to Bain Capital for an undisclosed amount. The acquisition gives Bain Capital a majority stake in MYOB alongside management who will continue to be shareholders in the company.