Business management platform, MYOB has acquired Australia’s leading workplace financial services platform, Flare, extending MYOB beyond accounting to solve diverse problems for SMEs and their employees.
MYOB first announced a strategic partnership with and investment in Flare in November 2020, resulting in the native embedding of Flare’s onboarding and superannuation services within the MYOB platform.
It is expected Flare will continue to operate as a standalone business and service other clients and partners. The initial focus will be on further enhancement of existing integrations with MYOB, including Flare’s pay and benefits app to unlock discounts and wellness, a digital wallet for payroll and novated car leasing.
MYOB CEO, Greg Ellis (pictured) said the acquisition represents a significant evolution of MYOB’s payroll capabilities to deeply connect SMEs with everything they need to run and grow their entire business.
“SMEs can only grow when they get more out of doing less. MYOB’s position in the employee network is already substantial; one in five employed Australians are paid through our software. When you combine this with Flare’s pay and benefits capabilities, we can provide one of the most unique people management platforms on market, offering business owners value in new ways and in less time,” he said.
“Our acquisition of Flare creates pathways for MYOB to connect with businesses in new and deeper ways. By offering our customers solutions that drive value within their processes, MYOB can deliver on our vision of being a vital partner in the full lifecycle of Australia’s SMEs. We are incredibly excited by this opportunity.”
Flare co-founder and co-CEO, James Windon said the acquisition will leverage MYOB’s substantial customer footprint to level the talent playing field for SMEs by connecting them with quality workplace digital tools.
“The battle ground for talent has never been tougher. Eight in 10 businesses are experiencing skills shortages and there are fewer unemployed people than there are jobs. Creating an exceptional employment experience has only typically been in reach for bigger businesses with big resources; Flare is passionate about changing that,” he said.
“We are thrilled to supercharge this vision with MYOB, to explore innovative territories faster than before. MYOB’s investment in Flare will provide more businesses access to comprehensive employee benefits offerings and digitised onboarding experiences. We think that is a huge win for Aussie businesses and their employees.”