A New Zealand payroll services company has been acquired for NZ$9.7 million (about $6.2 million), reports on Wednesday (Sept. 30) said.
Payroll solutions firm MYOB inked its third payroll acquisition, reports said, with the purchase of Information Management Services (IMS). It’s been just weeks since MYOB revealed the purchase of PayGlobal and just a few months since acquiring Ace Payroll.
According to MYOB SME Solutions General Manager James Scollay, the takeover of IMS, along with the other buyouts, is an effort to stay ahead of the curve when it comes to New Zealand’s unique payroll challenges.
“New Zealand has a complex payroll compliance regime, with employers grappling with a range of considerations, such as annual leave requirements, KiwiSaver and parental support obligations,” Scollay said in a statement. “In addition, a large number of New Zealand employers pay their staff weekly, which has a big impact on the time spent by employers ensuring each pay is accurate.”
[bctt tweet=”New Zealand has a complex payroll compliance regime.”]
He added that MYOB wants to “reimagine” payroll for the small and medium-sized business space “in terms of productivity, compliance and helping to strengthen [SMEs’] trusted relationship with employees.”
The takeovers coincide with MYOB’s push of cloud services. In August, according to reports, MYOB said that one-quarter of its users were now based in the cloud and that this year saw a 65 percent increase in MYOB cloud subscribers.
The growth of MYOB’s cloud-based payroll clients could signal changing mindsets in the small business community. Earlier this year, Software Advice explored concerns held among the SME community that the cloud is not secure enough for their payroll operations, though analysts found that this perception could be slowing among the market.
Nearly all SME users of cloud payroll tools said they felt either “confident” or “very confident” that their data was secure, the study said.
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