MYOB Limited, the developer of small business accounting software such as AccountEdge, has sold its Canadian business to Intuit Canada Limited. The proceeds will be reinvested in MYOB’s existing operations in the US, UK, Australia and other countries throughout the Asia-Pacific region.
“Our Canadian business operated within a very competitive environment in a maturing market,” Craig Winkler, CEO of MYOB, said in a statement. “Faced with this, we felt that it would be difficult to further increase our market share via organic growth. Accordingly, we decided to divest the operation and reinvest the proceeds in developing our other markets.”
The move news has no affect on MYOB’s US operations, which has in place “very aggressive business plans for 2002,” Jennifer Lee, MYOB’s corporate communications manager, told MacCentral. The company looks forward to “exceptional growth” and continues to demonstrate its dedication to small businesses and product leadership in small business management in the US with the recent release of MYOB AccountEdge 2 for Mac OS X, she added.
The sale of the Canadian business involves the MYOB product line in including MYOB Accounting, MYOB Accounting Plus, AccountEdge and StartUp Accounting. As part of the deal, Intuit Canada will assume responsibility for technical support and customer service. The deal closed November 9, 2001 and is effective immediately.
“The agreement provides us with the opportunity to share Intuit’s breadth of service and depth of commitment with even more small businesses in Canada,” said Intuit Canada President and CEO, Bruce Johnson. “Intuit’s reputation has been built on providing solutions that revolutionize the way that small businesses manage their financial lives and we’re pleased to welcome MYOB’s Canadian customers.”
We will have more information on the sale shortly.