Global investment firm KKR and leading Australian online business management company MYOB Group Limited announced the completion of the previously announced acquisition of MYOB by KKR.

David Lang, Member at KKR, said, “MYOB is a true leader in the growing and innovative business solutions software segment. We are excited to partner with and support MYOB as it accelerates the company’s growth plans in Australia and New Zealand while also exploring the significant opportunities it has to offer its customers new products and solutions. “

Tim Reed, CEO of MYOB, said, “The past year has been an eventful one for MYOB in which we accelerated our investment in the MYOB Platform and fast-tracked its delivery to our customers. This rollout helped us to achieve even greater online subscriber growth and propelled us to a leading position in Australia and New Zealand’s online accounting market. Now with KKR’s support and expertise, we are even better positioned for future growth. I am confident the business will continue to thrive well into the future, and am excited to embark on MYOB’s next chapter.”

MYOB entered into a Scheme Implementation Agreement with KKR on December 23, 2018, under which KKR proposed to acquire all the MYOB shares it did not already own. MYOB shareholders voted in favour of the Scheme on April 17, 2019, and implementation took effect today.

KKR’s investment in MYOB was made from its flagship Asian Fund III.