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MYOB's acquisition of Sydney ISV GreatSoft gets go-ahead from regulators

Australian accounting software vendor MYOB has been given the go-ahead to acquire Sydney-based ISV GreatSoft.
The Australian Competition and Consumer Commission (ACCC) announced it won’t oppose the deal as it found the transaction is not likely to substantially lessen competition.
The decision comes more than a month since the ACCC expressed concerns about the acquisition, particularly about the competition in the accounting software market, as both companies supply practice management software to medium-to-large accounting firms. MYOB first announced the acquisition in October 2020.
The ACCC said its investigation focused on GreatSoft’s potential to grow into a strong competitor following a number of recent customer wins since launching in 2019, including some medium-to-large sized and even some MYOB customers.

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ACCC clears path for MYOB's GreatSoft acquisition

By
Kate Weber
on Apr 16, 2021 1:08PM
After initial fears buyout could hinder competition.
The Australian Competition and Consumer Commission (ACCC) won’t oppose MYOB’s acquisition of accounting software GreatSoft, finding it won't weaken market competition.
Under the purchase, MYOB plans to combine its desktop practice management software with GreatSoft’s a cloud-based accounting solution.
GreatSoft provides a single cloud-based practice management module that integrates with third-party software suppliers for other accounting modules, including Xero for Xero Tax.
The ACCC was originally concerned the acquisition would significantly reduce market competition, leaving only three major suppliers of practice management software for medium-to-large customers.

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ACCC flags MYOB's proposed acquisition of ISV GreatSoft

The Australian Competition and Consumer Commission has expressed concerns over MYOB’s planned acquisition of Sydney accounting software vendor...

Australia , Sydney , New-south-wales , Australian , Stephen-ridgeway , Consumer-commission , Australian-competition , Xero-practice-manager , Accc , Greatsoft , Myob , ஆஸ்திரேலியா

MYOB's proposed GreatSoft buyout hits ACCC hurdle

Competition concerns raised.

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