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Date Posted: 9/6/2006
MYOB Expands Employer Services: Acquires Leading New Zealand Provider
MYOB Limited (ASX:MYO) today announced that its New Zealand operation has acquired the business of Comacc Limited for NZ$7m.
Comacc Limited is a supplier of people and payroll management solutions for small to medium-sized businesses primarily in New Zealand. Comacc’s products and services are a complementary addition to MYOB’s existing range, and the move is part of the company’s strategy to expand its employer services.
Post-acquisition, the combined operation will assist New Zealand businesses in paying over 410,000 employees, securing MYOB a market leadership position in providing employer services for New Zealand’s small to medium-sized businesses.
In Australia, MYOB is already the leading provider of employer services to small to medium-sized businesses, with MYOB solutions paying more than 2 million employees nationally.
The Comacc business generates over NZ$5m of revenue annually, and will add around NZ$2m in EBITDA to MYOB. This acquisition is a key move in expanding MYOB’s leading position in employer services in Australia and New Zealand.
Craig Winkler, CEO MYOB Limited, commented: “MYOB is committed to solving the administration problems faced by small to medium-sized businesses, and managing employees is inevitably top of the list for many. At MYOB we aim to make the complex simple, and Comacc’s successful products and services will be a great addition to our existing range of solutions for employers.”
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