Australian tax and accounting software vendor MYOB has announced it has acquired the Greentree practice of New Zealand-based reseller Endeavour Solutions for an undisclosed sum.
Endeavour Solutions is a specialist of MYOB’s Greentree practice of online ERP and business intelligence, and also resells a number of other MYOB products.
MYOB said the acquisition is part of its new mid-market direct sales and service channel, with Endeavour's NZ Greentree team providing sales and support, customisation and product development for Greentree. The deal would also bolster sales and support capability for cloud ERP MYOB Advanced Business.
“The team at Endeavour are obsessed with helping businesses do more and achieve more through ERP solutions,” MYOB general manager for enterprise Kim Clarke said.
“They have built a very strong base of Greentree customers, and in recent years, used that experience to emerge as cloud ERP solutions and SaaS leaders in the mid-market. Needless to say, we are truly excited about the possibilities that this next chapter will bring them, MYOB, and our very ambitious customers.”
Endeavour has been a partner of Greentree since 1998, focusing on midmarket customers. MYOB acquired New Zealand-headquartered Greentree in 2016 for $27 million at the time.
Endeavour founding director Chris Miller said the acquisition was a great opportunity for the company’s Greentree customers to gain access to a direct line into MYOB and the ability to benefit from MYOB’s recent investments in Greentree sales, operations and support.
“Over the years we’ve built a strong business around our customers and our team, many of whom are longstanding on both sides, so it will be very difficult to see them go, but we firmly believe that this decision will deliver important benefits for all involved,” he said.
“We are really excited for our Greentree specialists to become part of MYOB’s team who are dedicated to supporting Greentree customers, while developing their own careers, and we are energised by the prospect of focusing on taking more of our customers to the cloud and enabling them to prepare for the future.”
Endeavour chief executive Tim Ryley said almost all of the company’s new customers are seeking cloud and SaaS ERP solutions and the acquisition would ensure the Endeavour team can focus on delivering business outcomes for customers.
“We’re achieving rapid growth in our cloud-enabled mid-market customer base and I’m confident that this growth will only accelerate from here,” Ryley said.
“In addition to being better positioned to offer rapid deployment models to our customers, we can also share best practices to further enhance the return they receive from their ERP investments.
MYOB expects the deal to complete sometime in early 2022.
Updated 14 December 2022 10:20am: An earlier version of this story suggested that MYOB acquired the whole Endeavour Solutions business. CRN Australia regrets this error.