Private equity-owned accountancy software firm MYOB is ramping up the practice management solutions side of its business with plans to acquire cloud-based software provider, GreatSoft.
The move comes after MYOB recent took a majority stake in workforce management software Roubler.
The acquisition, now under review by competition regulator the ACCC, will integrate GreatSoft’s cloud-based practice management software into the MYOB platform.
MYOB CEO, Greg Ellis, said the acquisition will provide an upgrade path for practices looking for a cloud offering as they digitise.
“This is a significant step forward in MYOB’s acceleration of cloud-based practice management solutions and will provide accounting practices with new capabilities to drive connectivity, efficiency and security for accountants and their clients,” he said.
“We are excited by the opportunity to bring together GreatSoft’s cutting-edge cloud-based practice management software with MYOB’s portfolio software solutions, to give accountants greater choice, control and flexibility.”
The acquisition will see features such as document management, client accounting and tax offered to practices, as well as providing them with the flexibility and freedom to integrate easily with other cloud-based software through APIs, offering a 360-degree view of their clients.
A decision by the ACCC on the GreatSoft acquisition is expected in early 2021.