MYOB Ltd., a developer of small business accounting and management software and services, announced the sale of its U.S. operations to Acclivity LLC, an entity owned by members of the MYOB U.S. Inc. management team.
As of Dec. 5, Acclivity will act as the exclusive U.S. republisher for MYOB products and services. As part of a review of MYOB's options in relation to its U.S. business, the Australian headquarters decided that the U.S. operation had diverged strategically from the rest of the company and would be better acting on its own.
The U.S. operation's expected revenue contribution to the parent company would have been around $5.6 million for the 2005 calendar year, a pre-tax loss. Following the release of new product upgrades in November, revenue for December was forecast to be just under $1 million.
"We firmly believe that this structure delivers the best result for MYOB's customers, employees and shareholders," said MYOB chief executive Craig Winkler, in a statement. "And, importantly, our U.S. customers will continue to receive the same world-class products and service that they have always received. We are pleased with the outcome and look forward to working closely with our new U.S. distributor over the years to come."
Acclivity will be owned and managed by Tom Nash, the former architect of MYOB U.S. Inc. product strategy, and Scott Davisson, former head of MYOB U.S. sales and marketing. "Our chief focus is the continued support of our MYOB customers. It's important that our customers understand that, from their perspective, nothing changes," said Nash, in a statement.
