Business platform provider, MYOB, has announced its acquisition of workplace financial services platform, Flare, to extend its solutions to small and medium-sized enterprises (SMEs).
This comes after MYOB commenced a strategic partnership and investment in Flare in late 2020, with Flare’s onboarding and superannuation services embedded within the MYOB platform.
The announcement said Flare is expected to continue operating as its own business and servicing its existing clients and partners, despite the primary focus now on developing the firm’s integrations with MYOB’s platform and capabilities.
“SMEs can only grow when they get more out of doing less. MYOB’s position in the employee network is already substantial; one in five employed Australians are paid through our software,” Greg Ellis, MYOB chief executive, said.
“When you combine this with Flare’s pay and benefits capabilities, we can provide one of the most unique people management platforms on market, offering business owners value in new ways and in less time. Helping SMEs be more competitive and productive is the ultimate goal.
“Our acquisition of Flare creates pathways for MYOB to connect with businesses in new and deeper ways. By offering our customers solutions that drive value within their processes, MYOB can deliver on our vision of being a vital partner in the full lifecycle of Australia’s SMEs.”
Flare’s digital solutions on offer through MYOB include its pay and benefits app, a digital wallet for payroll and novated car leasing.
This comes as over one in four Australian employees have interacted with Flare’s platform in the seven years since the company was founded.
“The battle ground for talent has never been tougher. Eight in 10 businesses are experiencing skills shortages and there are fewer unemployed people than there are jobs,” James Windon, co-founder and co-CEO of Flare, said.
“Creating an exceptional employment experience has only typically been in reach for bigger businesses with big resources; Flare is passionate about changing that.
“We are thrilled to supercharge this vision with MYOB, to explore innovative territories faster than before. MYOB’s investment in Flare will provide more businesses access to comprehensive employee benefits offerings and digitised onboarding experiences.
“We think that is a huge win for Aussie businesses and their employees.”