ACCC raises competition concerns about MYOBs proposed acquisition of GreatSoft
Summary
"We are concerned that if MYOB acquired GreatSoft, there would only be three major suppliers of practice management software to medium-to-large accounting firms," ACCC commissioner Stephen Ridgeway said. "While GreatSofts customer base is currently small, the ACCC is investigating its potential to become a strong competitor as it appears to be a viable choice for many medium-to-large firms wishing to migrate to the cloud." In the meantime, the consumer watchdog is inviting submissions to be made in response to the concerns it has raised about the acquisition by March 5. At the time, the ACCC said it was concerned MYOB would gain a market monopoly as a result of a deal that was worth AU$180 million. In the end, MYOB pulled out of the deal, citing it was not prepared to go through a long regulatory process that would take place if the acquisition went ahead.