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ANZ Bank has confirmed it is in discussions with KKR to potentially acquire accounting software specialist MYOB.
ANZ confirmed its intentions in a statement to the Australian Securities Exchange (ASX), but said the two were yet to “reach agreement in relation to the acquisition and there is no certainty it will proceed.”
Should the transaction proceed it would be subject to regulatory approvals, including from the Australian Competition and Consumer Commission and the New Zealand Overseas Investments Office.
ANZ said it will make an announcement to the market if the negotiations are successfully completed and an agreement is entered into.
According to a Bloomberg report from 12 July, the two were in advanced discussions in a deal that would potentially value MYOB at more than $4 billion.
The accounting and management software vendor was founded in 1991 and boasts more than one million customers across Australia, New Zealand, Hong Kong, Singapore and Malaysia.
In 2018, it was purchased by private equity firm KKR, taking the company private as part of a $2 billion acquisition deal at the time.
In recent months, MYOB has been on an acquisition spree as part of a strategy of buying software partners in order to pivot towards a direct sales focus and support.
It recently added Sydney-based GT Business Solutions to its purchase list along with New Zealand-based Aztech Solutions in April.
Last year, MYOB bought GreatSoft, Star Business Solutions, Nimbus and Tall Emu, the latter in a dual acquisition.
