Supercorp buys MYOB super software

Supercorp buys MYOB super software

03 April 2009

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Brisbane based, Supercorp Australia, has bought the superannuation software business from MYOB.
MYOB supports hundreds of accounting firms across Australia in lodging statutory accounts for self managed super funds (SMSFs).

Kurt Groeneveld, Supercorp Australia managing director, the purchase was a natural progression for the firm. MYOB previously had a five year licensing agreement with Supercorp.

"When we sat down and discussed the distribution agreement, we came to the conclusion that it was probably better that they exit the superannuation area because it's not an area they're strong in and we take over that client base," he said.

This announcement comes ahead of the firm's launch of the web-based superannuation software, superMate, which is meant to be released in the third quarter of this year.

"The key strength for superMate is because it's web deployed so we can launch it cost effectively. Because it's hosted we can provide a lot more back-end services so corporate actions can be automatically done and it can get direct feeds from the ASX," said Groeneveld.

The accounting technology is designed to take market share from one of Supercorp's biggest competitors, BGL Corporate Solutions.

"BGL certainly has the lion's share of the market but we see ourselves as a viable alternative and by bringing in the new technology, we can bring a different offering for the accounting world," said Groeneveld.

Supercorp technology is used to complete the annual reports for more than 60,000 SMSFs. According to the firm, seven of the top 10 SMSF manager use Supercorp technology.

Michael Hobbs, 3 April 2009, Financial Standard