Bain says it’s in for the long haul.
MYOB has denied that its sale to US private equity firm Bain Capital had forced MYOB into releasing AccountRight 2011, the troubled upgrade to the vendor’s flagship accounting software, before it had been properly tested.
“The speculation that because MYOB is owned by private equity we are therefore cutting costs or cutting corners is absolutely, emphatically not true. The complete opposite is the truth,” said Julian Smith, MYOB’s general manager for corporate affairs, Australia and New Zealand.
Customers and partners angry at the release of the bug-prone AccountRight 2011 had widely speculated in MYOB’s public forums that Bain was responsible for cost cutting that may have omitted proper software testing procedures.
The decision for releasing the product was made by the steering committee for project Huxley, the codename for AccountRight 2011, which was led by MYOB CEO Tim Reed, Smith said. “That team made their decision based on what they felt was the right decision for the business at the time,” Smith said.
Smith said Bain had a very collaborative approach and considered MYOB a long-term investment.
“My personal experience of working with our new owners is that they have been incredibly supportive in terms of how we should grow and invest in our business,” Smith said. “If anything they are actually are more focused on putting additional investment into the business.”