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The acquisition enables MYOB to be a “vital partner in the full lifecycle” of SMEs, says the chief executive.
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MYOB acquires workplace financial services platform Flare
14 September 2022
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Business management provider MYOB has acquired the workplace financial services platform Flare.
The acquisition extends MYOB beyond accounting into addressing the diverse problems faced by SMEs and their employees, and feeds its ambition to supply Australia’s most comprehensive workplace financial and benefits systems.
Two years ago MYOB invested in Flare and began a strategic partnership that resulted in its onboarding and superannuation services embedded within the MYOB platform.
MYOB expected that Flare would continue to operate as a standalone business and service its other clients and partners.
However, MYOB said that it would have an initial focus on the enhancement of the platform’s existing integrations with the firm.
CEO of MYOB, Greg Ellis, said that the acquisition would allow for additional development of the firm’s payroll capabilities to connect SMEs with resources they need to expand their business.
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“SMEs can only grow when they get more out of doing less,” said Mr Ellis.
“MYOB’s position in the employee network is already substantial; one in five employed Australians are paid through our software.
“When you combine this with Flare’s pay and benefits capabilities, we can provide one of the most unique people management platforms on market, offering business owners value in new ways and less time.”
Adding Flare was also the next step in MYOB’s ability to provide for SMEs.
“Our acquisition of Flare creates pathways for MYOB to connect with businesses in new and deeper ways,” he said.
“By offering our customers solutions that drive value within their processes, MYOB can deliver on our vision of being a vital partner in the full lifecycle of Australia’s SMEs.
“We are incredibly excited by this opportunity.”
Co-founder and co-CEO of Flare, James Windon, said the acquisition would help SMEs attract talent by connecting them with workplace tools.
“The battle ground for talent has never been tougher,” said Mr Windon. “Eight in 10 businesses are experiencing skills shortages and there are fewer unemployed people than there are jobs.
“We are thrilled to supercharge this vision with MYOB, to explore innovative territories faster than before.
“MYOB’s investment in Flare will provide more businesses access to comprehensive employee benefits offerings and digitised onboarding experiences.”
Flare was founded in 2015 and has now grown to be used by one in four Australian employees when they start a new job.
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