Business management platform MYOB has announced the acquisition of cloud document management software provider, Nimbus Portal Solutions, forming another significant investment in MYOB’s growing suite of SaaS Practice Solutions.
MYOB said it has been actively evolving its Practice Solutions over the past 18 months, with a strong focus on SaaS capabilities designed to drive connectivity, efficiency and security for accountants and their clients.
Tailored to the needs of accountants and practice managers, Nimbus is an Australian-owned cloud document management solution offering an integrated secure client portal, a range of customised workflows and collaboration tools allowing accounting practices to manage their documentation with ease.
MYOB chief financial officer Caroline Rawlinson, said that the investment was a move to accelerate the delivery of a cloud solution that had widespread customer demand and appeal.
“We know how important it is for our accountant and practice customers to have solutions which help their teams collaborate efficiently in distributed work environments, improve their client engagement and meet their document storage compliance obligations – Nimbus ticked all these boxes in spades,” Ms Rawlinson said.
“We are delighted to be investing in a team who have strong history and expertise in the Australian and New Zealand market and share a passion for improving performance outcomes for accountants and practices.”
Nimbus Portal Solutions chief executive John Woodbridge, said that the acquisition would significantly accelerate delivery of their next-generation product and feature enhancements, which was a great customer outcome.
“We set out on our business journey with the premise that document management software was one of the most important and under-appreciated solutions available to any accounting practice,” Mr Woodbridge said.
“Eleven years later, we continue to be thrilled by the feedback we receive from our customers who embraced the move to digitisation, adopted our paperless solution and realised the extraordinary benefits in time, efficiency and security that Nimbus delivers to them and their clients.”
The acquisition follows several significant investments in MYOB’s SaaS Practice Solutions tailored for accountants and practices, including MYOB Practice Tax and MYOB Advanced Professional Services, as well as the acquisition of cloud practice management software, GreatSoft, in June 2021.
The investment will provide Nimbus with the opportunity to bring forward their delivery road map, bringing both integration enhancements and feature upgrades to market on a fast-tracked timeline.
For MYOB, this also means positive enhancements for customers using MYOB for document management, including enhancements to document versioning, archiving, workflows and online checklists.
“We’re continuing to evolve our SaaS Practice Solutions and are incredibly excited by the new suite of cloud capabilities we’re bringing to the MYOB business management platform,” Ms Rawlinson added.
“We are looking forward to combining our collective talents with the team at Nimbus Portal Solutions to optimise outcomes for our customers – bringing solutions to market faster, as well delivering improvements and integration capabilities which will help accountants and practices perform at their best.”
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.