ANZ Banking Group isn’t acting alone in its pursuit of KKR & Co’s accounting software group, MYOB.
It is understood ANZ’s internal deal team has called on both Macquarie Capital and UBS for advice, and has the investment bankers working overtime on MYOB’s books and modelling what it could do for the bank’s customer base.
Old head banking analysts can’t remember the bank ever acquiring a chunky software business, and particularly not one worth a few billion dollars or more.Assessing MYOB comes as ANZ’s in the middle of re-thinking its entire approach to customers and technology stack. It is understood to see MYOB as a potential way to hit the long-talked about nirvana of small business banking, where all of a customer’s financial management and accounting can take place on one platform.
Macquarie and UBS is a new combination at ANZ. While the bank’s one of the big investment banks’ biggest customers in Australia , it has handed its chunky MMacquarie Group’s most recent ANZ assignment was a capital notes deal in 2015, according to SP Global Markets Research data, while MacCap’s helping with a $1.5 billion tier two capital offer in 2012.
KKR paid $2.4 billion for MYOB in 2019, to acquire it from the ASX-boards. The business was previously owned by private equity firms Bain Capital and Archer Capital. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.