ACCC gives green light to MYOB's acquisition of GreatSoft accountantsdaily.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountantsdaily.com.au Daily Mail and Mail on Sunday newspapers.
Australian accounting software vendor MYOB has been given the go-ahead to acquire Sydney-based ISV GreatSoft.
The Australian Competition and Consumer Commission (ACCC) announced it won’t oppose the deal as it found the transaction is not likely to substantially lessen competition.
The decision comes more than a month since the ACCC expressed concerns about the acquisition, particularly about the competition in the accounting software market, as both companies supply practice management software to medium-to-large accounting firms. MYOB first announced the acquisition in October 2020.
The ACCC said its investigation focused on GreatSoft’s potential to grow into a strong competitor following a number of recent customer wins since launching in 2019, including some medium-to-large sized and even some MYOB customers.