Credit: Dreamstime
Business management platform MYOB has extended its product reach beyond accounting by acquiring long-time partner Australian workplace financial services platform Flare.
MYOB instigated a strategic partnership and investment in Flare in November 2020, resulting in the native embedding of Flare’s onboarding and superannuation services within the MYOB platform.
Flare will continue to operate as a standalone business and service its other clients and partners, with the initial focus to further enhance the platform’s existing MYOB integrations.
This will include Flare’s pay and benefits app, which will unlock discounts and wellness, a digital wallet for payroll and novated car leasing.
MYOB CEO Greg Ellis said the acquisition represented a significant evolution of MYOB’s payroll capabilities.
“SMEs can only grow when they get more out of doing less. MYOB’s position in the employee network is already substantial; one in five employed Australians are paid through our software,” he said.
“When you combine this with Flare’s pay and benefits capabilities, we can provide one of the most unique people management platforms on the market, offering business owners value in new ways and in less time. Helping SMEs be more competitive and productive is the ultimate goal.
“Our acquisition of Flare creates pathways for MYOB to connect with businesses in new and deeper ways. By offering our customers solutions that drive value within their processes, MYOB can deliver on our vision of being a vital partner in the full lifecycle of Australia’s SMEs.”
Flare co-founder and co-CEO James Windon said the acquisition will leverage MYOB’s substantial customer footprint to level the talent playing field for SMEs.
“MYOB’s investment in Flare will provide more businesses access to comprehensive employee benefits offerings and digitised onboarding experiences," he said. "We think that is a huge win for Aussie businesses and their employees."
In July this year, MYOB was the topic of a potential acquisition by banking institute ANZ but later withdrew from discussions.
The bank confirmed it had stepped away from talks with global investment firm Kohlberg Kravis Roberts & Co. (KKR) in a deal that would have potentially valued MYOB at more than A$4 billion.
In 2018, MYOB was purchased by private equity firm KKR for $2 billion, which took the company private.
