Business management software provider MYOB has acquired workplace financial services platform Flare as part of its plan to level the playing field for small and medium businesses (SMEs).
The acquisition marks another step in MYOB’s business management platform evolution, which involves adding value for its 1.3 million small business customers and taking the company far beyond accounting to solve new problems for SMEs and their employees.
MYOB first announced a strategic partnership with, and investment in, Flare in November 2020, which resulted in the native embedding of Flare’s onboarding and superannuation services within the MYOB platform and payroll offering. The price of the acquisition has not been disclosed.
MYOB CEO Greg Ellis says 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,” Ellis said.
“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.
“Helping SMEs be more competitive and productive is the ultimate goal.”
More than 100,000 companies currently use Flare’s technology to save time, build culture and improve employee retention for more than 1 million workers.
Since 2015, Flare has grown to support more than one in four new job starters in Australia with its pay and benefits solutions and is expected to continue to operate as a standalone business and service its other clients and partners.
Flare will also further enhance existing integrations with MYOB, including the former’s pay and benefits app.
Co-founder and co-CEO of Flare James Windon says 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 battleground 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,” Windon 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.”
