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What Does MYOB Mean?

MYOB Australia and their associated suite of accounting software products, is a very well known phenomenon. But many people use the product without ever asking “what does MYOB mean?”.

Have you ever wondered yourself?

So What Does MYOB Mean?

MYOB is actually an acronym, with each letter standing for a word. The full version would be “Mind Your Own Business” but since it takes too much time to say this (and possibly could sound a bit confronting), the branding has been shortened to simply “MYOB”.

MYOB Accounting software was originally developed in the United States during the 1980’s by a team of programmers at a company named Teleware Inc. headed up by Christopher Lee. The rights to this new software were purchased by another company, Best Software Inc. who in turn, sold the republishing rights to an Australian company, Data-Tech Software. But as the MYOB brand became more popular, in 1999 Data-Tech decided to change their company name to “MYOB Australia Ltd” and list on the Australian Stock Exchange. However, in 2009, a private consortium led by Archer Capital successfully mounted a takeover bid for MYOB Australia Ltd so that the company is now no longer publicly listed on the ASX, but has returned to private ownership.

Before the buyout, MYOB Australia had merged with Solution 6 Holdings who traditionally had marketing accounting products for public accounting firms, thus acquiring and developing the MYOB Accountants’ Office (AO) product.

So, there is a bit of history which my help you appreciate the long journey and answer the question “What Does MYOB Mean?”

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Updated: August 1, 2014 — 10:26 am

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