MYOB ANNOUNCES BUYOUT OF U.S. ARM: MYOB Ltd., a developer of small business accounting and management software and services, has sold its U.S. operations to Acclivity LLC, an entity owned by members of the MYOB U.S. Inc. management team. Effective last month, Acclivity now is 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.
Acclivity will be owned and managed by Tom Nash, the former architect of MYOB U.S. product strategy, and Scott Davisson, former head of MYOB U.S. sales and marketing.
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