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MYOB and Wolters Kluwer UK
MYOB and Wolters Kluwer Press Release
1. What was announced?
Wolters Kluwer Law & Business on 31 March 2008 announced that it had signed an agreement with MYOB Limited to acquire the accountants division of MYOB UK and MYOB Ireland. It is expected that the business will transfer into the full ownership of Wolters Kluwer UK by 14 April 2008.
2. What is MYOB?
MYOB is a highly-respected international provider of business solutions to business owners and accountants. It develops and delivers award-winning software, services and support for more than 700,000 businesses and over 10,000 accounting practices.
3. What products are Wolters Kluwer acquiring from MYOB?
We have acquired the software and services of their Accountants Division. Specifically, this compromises of personal (PerTax), corporation (CorTax), trust (TrusTax), and CGT/Dividend Scheduling (SecTax) taxation software. Plus Final Accounts Preparation software (Viztopia Accounts Production), Trust Accounting Software (Trust Accounts), Practice Management software (Viztopia Practice Management) and also Document Management and Workflow software (Singleview). Several of these are market leaders within their field and practices can integrate these systems seamlessly together using the ‘Central’ application.
4. Why is MYOB selling its accountants division of MYOB UK and MYOB Ireland? And why to Wolters Kluwer?
MYOB wishes to focus its attention on its core business activities in its home markets of Australia, New Zealand and Asia and therefore decided to offer the business for sale.
MYOB were looking for a company that could leverage the substantial assets and strong market position of its UK accountants division and Irish subsidiary and felt that Wolters Kluwer would be organisation best placed to do this.
5. Why did Wolters Kluwer acquire the products of MYOB UK and Ireland?
Wolters Kluwer have long admired MYOB and we are very excited about the prospect of drawing on the expertise of MYOB staff and the quality of products and services it has brought to the market. By bringing together the strengths and expertise of the two businesses, accountancy firms will be able to source from the UK and Ireland’s most experienced providers of software, covering tax, audit and accounts production, practice management and document management.
6. What’s changing for you as customers?
It is business as usual for UK and Ireland clients of MYOB and CCH Software’s customers. We will be looking at how we can best serve our customers in the future as we develop our investment plans for our accounting software operations.
7. How will MYOB operate in the future in the UK and Ireland? Will it remain a separate company or be integrated into WKUK?
There are no immediate plans to change the way the two organisation are running their businesses. However, in the long-term there are likely to be plans to combine the MYOB products into the CCH Software portfolio. Details of exactly what this will mean to customers, employees and operations are yet to be finalised, but our primary aim will be to combine the best of MYOB and CCH into a single organisation.
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