We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
79,814 News Articles

MYOB acquires BankLink for $NZ 136 million

MYOB Holdings subsidiary, MYOB Finance NZ Limited, has inked an agreement to purchase Media Transfer Services (MTS) company, BankLink.

The acquisition was worth $NZ 136 million, including $NZ 75 million in bank debt.

Cloud Storage - Comparison of 30 Services

The purchase was announced on the ASX and is expected to be complete by June this year.

MYOB said, in a statement, that the acquisition is a strategic move that will leverage the strengths of both companies, as well as position the new entity to extend its presence within the Cloud accounting space.

The acquisition also provides MYOB with a extended range of solutions, including BankLink's BankLink Practice offering.

MYOB CEO, Tim Reed, said the company's partnership with accountants in practice is key yo its online strategy.

"The coming together of MYOB and BankLink allows accountants to recommend the most appropriate accounting solution for each and every client. In addition, we can now further enhance this partnership by having more team members on the ground," he said.

According to Reed, accounting is going through a period of "rapid innovation" of Cloud solutions replacing desktop applications and bank feeds becoming a key component of a Cloud solution.

BankLink's European business does not form part of the acquisition.

The UK based operation, soon to be renamed Bankstream, will be retained by BankLink director, Derek Jones, and will be supported by a dedicated development and operational team based in Auckland.


IDG UK Sites

The 30 best TV shows on Netflix UK: Our pick of the best programmes you can watch right now

IDG UK Sites

Nostalgia time: Top 10 best selling mobile phones in history

IDG UK Sites

VFX Emmy: Game of Thrones work garners gong for Rodeo FX

IDG UK Sites

Apple 13-inch MacBook Pro with Retina review (2.6GHz, 128GB, mid-2014)