ANZ Bank confirmed it is in talks to buy small business accounting software company MYOB from private equity giant KKR, but says an agreement is yet to be reached.
, means ANZ would significantly boost its offering to small and medium-sized business clients by allowing them to integrate their banking and accounting more seamlessly.MYOB provides business management, financial and accounting solutions for SMEs, enterprise and accounting practice customers.
“In response to market speculation, ANZ today confirmed it is in discussions with KKR about a potential acquisition of MYOB,” the bank said in a statement.certainty it will proceed.”ANZ also flagged that any transaction would be subject to regulatory approvals, including from the Australian Competition and Consumer Commission and the New Zealand Overseas Investments Office.completed and an agreement is entered into,” it said.
MYOB reported $502 million in revenue in the year to December 31, according to accounts filed with the corporate regulator, and a $104 million loss after tax thanks to its capital structure. The company was making $445 million annual revenue and $190 million in underlying EBITDA before KKR acquired it for $2.4 billion in May 2019.
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