Bain Capital understood to have sold 17% of MYOB
AFR reports Bain Capital has sold its stake in MYOB which is expecting more online growth.
Bain Capital has sold 17% of accounting software company MYOB at $A3.55 per share to Goldman Sachs, according to the Australian Financial Review.
As yet, no substantial shareholder notices have been filed with ASX.
The shares closed on Thursday at $SA3.69, up 13c or 3.7%, after MYOB reported a 25% jump to $A56.6 million in pro forma annual net profit.
MYOB shares were floated at $3.65 each in May 2015.
The AFR says the rest of Bain’s shares in MYOB – it owned 58% before the reported sale – will be held in escrow for 90 days as part of the sale terms.
The 100 million MYOB shares were auctioned by Reunion Capital Partners, which was an adviser on MYOB’s float, the paper says.
MYOB was the main player in the accounting software market through its desktop products until New Zealand-based Xero disrupted that market with its online accounting software.
The Australia-based company lifted online customer numbers by 49,000 to 249,000 in the six months ended December, well up on the 30,000 growth shown in the first half of last year, and online customers make up nearly 40% of its paying customers now.
MYOB chief executive Tim Reed says he expects growth in his company’s online subscriber numbers will accelerate further.
Xero, which only operates online, had 592,000 customers in Australian and New Zealand at the end of September.
NBR has left messages for Mr Reed and Bain Capital but has had no response as yet.
Jenny Ruth
Fri, 24 Feb 2017
Fri, 24 Feb 2017
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Bain Capital understood to have sold 17% of MYOB
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