MYOB acquires NZ ERP vendor Greentree

Acquisition to boost presence in enterprise market

MYOB has acquired New Zealand ERP vendor Greentree, the company announced this morning.

Greentree is an Auckland-headquartered company with more than 850 customers. MYOB acquired the company for NZ$28.5 million.

In addition to Australia and New Zealand, Greentree’s ERP system also has customers in the UK and the US.

MYOB said the acquisition would boost its reach in the enterprise market. The company’s enterprise solutions business contributed revenue of A$15 million in FY15 it said, on the back of its acquisition of payroll company PayGlobal in August 2014 and the launch of its cloud-based ERP offering MYOB Advanced in 2015.

“The acquisition of Greentree further reinforces our commitment to bigger businesses in Australia and New Zealand and expands our ERP product suite to establish MYOB as a dominant leader in the mid-market,” MYOB CEO Tim Reed said in a statement.

MYOB returned to the ASX last year after being taken private in 2009. The company’s IPO raised $833.1 million.