Shares in accounting software group MYOB Group surged yesterday after it told the ASX that private equity firm KKR & Co had offered to buy shares it does not already own in the cloud services provider.
Accounting software business MYOB (MYO) is shaping up as a strong player in the cloud, with clear strategies to deliver long-term growth from the transition to online connected services. Cloud adoption is entering a new phase which should benefit the company and play directly to MYOB’s key strengths, Ord Minnett believes.
MYOB’s result was in line, with the benefit of acquisitions, but better average revenues due to price increases offset slower new SME additions, the broker notes. FY guidance is "opaque", the broker suggests.