The End of MYOB?

I was never a fan of MYOB – living in a world of web 2.0 didn’t gel so nicely with an offline accounting package that took ages to get hooked into and a manual to learn how to use.

MYOB was probably ahead pf its time when it launched, but they didn’t appear to keep up with technology improvements which makes it no surprise that they have now scaled down operations and de-listed from the stock market.

The question has been asked if the management team just gave up rather than try to convert all their old tools to new technology and delivery methods… Or if enough money was coming through that they didn’t feel the need to innovate.

Either way, the lessons that shine through for me are:

  • It doesn’t matter how ahead of the game you are initially, you NEED to constantly improve on what you’ve got.
  • The ‘general public’ is starting to catch on to web 2.0 – big players that seemed indestructible now need to react
  • Investing in Xero WAS a good idea :)

4 thoughts on “The End of MYOB?”

  1. Ummmm Manhattan Software have paid over $200M for a 50% share and hope to raise it to 90% (http://tinyurl.com/crcr4z) – valuing MYOB at around $400M (Australian, IIRC). They also have around 700k clients.

    Delisted because it’s owned privately. Dead company, it is not.

    Note as well that MYOB is miniscule compared to their UK equivalent, Sage (14,500 employees, UKP1.3Bn revenue), but then there’s some law that says I’m supposed to support the plucky Kiwi battlers.

  2. Yep, no chance of them finishing up any time soon – but the changes do make you think it’s big decision time

    It would be super interesting if they shot back with an online system that rivals Xero, which they will be perfectly capable of and with their large customer numbers will cause some serious competition.

    Ha ha I suppose that’s what I deserve for sensationalist blog titles :)

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