Wolters Kluwer Law & Business has agreed to acquire the Accountants Division of MYOB UK and MYOB Ireland for 35.5 million pounds ($70.5 million), bringing the small business accounting and tax software developer into Wolters Kluwer UK's CCH Software division.
Wolters Kluwer said it intended to ease the integration between the products at the companies. MYOB makes products such as MYOB Central, PerTax, SecTax, CorTax, and Viztopia software in areas such as tax, audit and accounts production, insolvency, practice management and document management, while Wolters Kluwer offers products such as CCH ProSystem and CorpSystem.
Wolters Kluwer plans to retain all 130 employees from MYOB's UK and Ireland Accountants Division. The division had annual revenues in 2007 of 12.5 million pounds ($24.8 million).
The acquisition is likely to be finalized in the next few weeks, according to Wolters Kluwer spokesperson Leslie Bonacum. "One of the key positives about the acquisition is the expertise and knowledge of the MYOB teams," she said.
