MYOB keeps head in the cloud with acquisition of Nimbus
25.2.2022IFL Ventures would like to congratulate the shareholders of Nimbus Portal Solutions, an Australian-owned cloud document management solution provider, on its successful sale to MYOB, the Australia based software company engaged with developing accounting and business management software.
Nimbus offers an integrated secure client portal, a range of customised workflows and collaboration tools allowing accounting practices to manage their documentation with ease. The owners of Nimbus were seeking a partner to significantly accelerate delivery of their next generation product and feature enhancements.
Nimbus engaged IFL Ventures to assist in the commercial negotiations with MYOB. IFL Ventures helped the shareholders to negotiate a valuation and deal structure that aligned to their goals.
“Graeme’s experience and negotiating skills really shone in helping to improve the deal for us”, says John Woodbridge, CEO and Founder of Nimbus.
MYOB 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. MYOB considers the investment a move to accelerate the delivery of a cloud solution that has widespread customer demand and appeal.
The investment provides Nimbus with the opportunity to bring forward their delivery roadmap, 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 improvements to document versioning, archiving, workflows and online checklists.
IFL Ventures acted as the exclusive advisor to the owners of Nimbus throughout the sale process.
