MYOB Group Limited
(ASX:MYO) has announced it will acquire New Zealand based Hei Matau Holdings 2000 Limited, the ultimate shareholder of the Greentree group of companies, for NZ$28.5 million.
Greentree provide on-premise enterprise resource planning software to 850 mid-market companies across Australia, New Zealand and the UK.
The deal is part of a strategic push by MYOB into the mid-market, with the accounting giant intending on accelerating its growth by utilizing Greentree’s existing partner network.
Servicing the mid-market is a growing part of the MYOB business, contributing $41 million in revenue in FY15, equivalent to 13 percent of the group total.
MYOB Group Limited reported a net loss of $42.3 million at 31 December 2015.