MYOB’s acquisition spree has continued with the accounting software platform converting its existing stake in Sydney-based workplace financial services platform Flare into a full takeover.
The acquisition cost was not disclosed, but will deliver an exist for a range of VC investors who ploughed more than $50 million into Flare over the past five years.
Microsoft became a stakeholder in Flare during a $22 million Series C in November 2020, that also saw former PM Malcolm Turnbull chip in.
That round also saw MYOB form a strategic partnership with Flare, embedding its onboarding and superannuation services within small business bookkeeping platform. Around a quarter of new employees in Australia engage with Flare.