Latest News - 28 October 2005

MYOB Grows its Mid-Market Strength - Increases Investment in Exonet

MYOB Limited has today (28 October 2005) announced that it has increased its investment in Exonet from 30% to 75%.

The investment extends its shareholding acquired in the 2004 merger with Solution 6, and builds on MYOB's growing position as a supplier to medium-sized businesses in Australia and New Zealand. As part of the transaction MYOB has an option to acquire the remaining equity in Exonet in either 2007 or 2008.

In announcing the investment, Exonet CEO, Tim Molloy, said "We are very excited that MYOB is increasing its shareholding in Exonet. We already provide an exceptional solution for medium-sized businesses and anticipate great benefit from the scale and vision that MYOB adds to our business. We share a common commitment to putting the customer and their business absolutely first, and that's a fantastic place to start."

Exonet specialises in highly configurable out-of-the-box business software solutions for medium and small businesses. Growing companies buy this leading edge and highly configurable system to support their business process.

Exonet Business Software includes, accounting, sophisticated inventory, multiple branches, job costing, retail, integrated web stores, asset management, manufacturing, service tracking all delivered traditionally or over the internet. With powerful integration capabilities Exonet provides all the functionality to manage your complete business from a single source.

Source: - Press Release 28 October 2005.

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