MYOB Likely to be a Tougher Competitor for Xero Under KKR’s Ownership
We continue to view the Australian and New Zealand SME accounting software market as a duopoly between Xero and MYOB. However, Xero’s strong growth in recent years was largely driven by its early-mover advantage in cloud software that is eroding. Looking forward, MYOB is likely to be a more aggressive competitor under the ownership of KKR who we expect will prioritize subscriber and revenue growth over profits in the short to medium term. MYOB is also likely to win market share from Reckon in th...Xero is engaged in the provision of a platform for online accounting and business services to small businesses.
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