ANZ bank is reportedly stalking the accounting software group, MYOB.
👉 Background: ANZ has around 8.5 million retail and business customers in Australia, and MYOB is an Aussie-founded accounting software company. It provides tax, accounting and business software services to SMEs.
👉 What happened: MYOB is used by more than 1 million Aussie small businesses, making it a nice juicy takeover prospect for ANZ... Which, funnily enough, has reportedly been considering acquiring MYOB from its private equity owner KKR.
👉 What else: It's hard to know how much we'd be talkin' for this deal, but we do know that KKR acquired MYOB in 2019 for $2.4 billion 🤑. And the plan would be to leverage MYOB to improve ANZ's offering to small businesses.
💡When it comes to attracting small business customers, there's nothing more enticing than a one-stop shop. For a bank, there's nothing more exciting than keeping all their small biz customers under their own roof 🏠.
💡The big four banks have really focussed on mortgage customers over the past five years, kinda at the expense of small business customers. In fact, just 15% of small business have had a “high quality” interaction with their big 4 bank.
💡But with over 2 million small businesses in Australia, it’s a seriously big market. By bringing MYOB under its belt, ANZ could offer small businesses the holy grail: a full suite of integrated banking and accounting products.
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