Accounting giant MYOB has closed a multi-million dollar deal to secure a minority stake in point of sale startup Kounta.
The exact details of the deal have not been disclosed, however it is understood to be worth a few million dollars and will see MYOB and the startup create an integrated online accounting and POS solution.
MYOB connected services general manager, Andrew Birch said the investment is a way for the company to strengthen its position with both on and offline retailers.
“We’re very pleased to announce our partnership with Kounta — a successful startup renowned for its flexible and scalable online POS solutions,” he said.
“Seamless integration ensures the data is reliable, accurate and up-to-date as a client can work from and maintain its customer and stock information all in one place and in real-time.
“The MYOB-Kounta partnership is integral to our vision of making cloud accounting easy for every business. The partnership also reinforces MYOB’s continued commitment to servicing the Australian and New Zealand SME market.”
CEO and founder of Sydney-based Kounta, Nick Cloete said the MYOB partnership shows big business is buying into a new way of addressing retailers.
“Over the past few years, Kounta has worked hard to re-imagine the way all different types and sizes of stores manage both online and offline transactions and it’s great to see such established and innovative companies like MYOB validating, investing in and supporting this new approach,” he said.
“Kounta lets merchants focus on customer service and experience, and also easily connects with other add-ons that retailers already use. This gives them access to real-time reporting and centralised management that not even a prohibitively expensive legacy solution could offer.”
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.