Mamut acquires MYOB UK Business Division
(Oslo, 24 April 2008) The company today announces an agreement to acquire MYOB Business Division in the UK from MYOB Limited (ASX: MYO) for a cash payment of £1.7 million. MYOB is today among the five best known providers of business software solutions to UK small businesses.
MYOB’s UK Business Division reached a turnover of £1.8 million in 2007 and has a total of 50,000 customers including 20,000 active customers using MYOB accounting software, retail software and payroll software. The acquisition also includes the DOSH brand name and product range. Mamut will continue to sell and support DOSH products aligned with Mamut’s other product offerings in the UK. |
This places Mamut in a strategic position to further improve its growth and position in the UK market. Furthermore, by combining MYOB’s operations in the UK SME market and Mamut’s broad product range, UK small and medium enterprises (SMEs) will benefit from an improved business and accounting software offering.
Mamut’s Chief Executive Officer, Eilert Hanoa said, ”We are enthusiastic about the improved offering this acquisition gives to our new customers in the UK. The acquisition of MYOB Business Division is an important building block in the UK launch of Mamut One, our software and services offering, that is currently being introduced in markets across Europe.”
The merged operation will consist of approximately 40 employees for the UK and Irish markets with the aim of offering a stronger and wider product range to UK SMEs.
MYOB’s sale of the MYOB UK Business Division follows MYOB’s recent sale of the UK and Irish Accounting division to Wolters Kluwer that was announced on April 1.
The settlement will be paid in two instalments, the first instalment will be paid at anticipated closure on the May 7th and the second will be paid in the fourth quarter 2008.
Mamut ASA, Eilert Hanoa, CEO, tel: + 47 92 83 29 05, e-mail: email@example.com
MYOB Limited, Simon Martin, CFO, tel: +61 3 9222 9748, e-mail: firstname.lastname@example.org