MYOB acquires Flare, Australian SMEs to reap benefits
Business management platform MYOB has announced it has acquired Australian 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.
"The acquisition by MYOB will fast track Flare's ambition to be Australia's most comprehensive and innovative workplace financial services and benefits solution, accessible to any employer in Australia," MYOB says.
It is expected Flare will continue to operate as a standalone business and service its other clients and partners, with the initial focus on further enhancement of the platform's existing integrations with MYOB. This will include Flare's pay and benefits app, which will unlock discounts and wellness, a digital wallet for payroll and novated car leasing.
Greg Ellis, chief executive of MYOB, 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," he says.
"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.
"Our acquisition of Flare creates pathways for MYOB to connect with businesses in new and deeper ways," says Ellis.
"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."
Since it was founded in 2015, Flare has grown significantly, with over one in every four Australian employees starting a job each year interacting with its and benefits platform, which serves to make employee experience tools attainable for any sized Australian business.
James Windon, co-founder and co-CEO of Flare, 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," he says.
"Creating an exceptional employment experience has only typically been in reach for bigger businesses with big resources; Flare is passionate about changing that.
"We are thrilled to supercharge this vision with MYOB, to explore innovative territories faster than before," Windon says.
"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."
