Norwegian business and accounting software company Mamut has acquired the UK business division of MYOB in a £1.7m acquisition.

MYOB is otherwise to exit the European market to concentrate on its core Australian and New Zealand markets. The new owner promises the combination of Mamut, known for innovation in small business solutions and MYOB, with 20,000 active users, will see new online capabilities added to its applications.

MYOB is today among the five best known providers of business software solutions to UK small businesses with a turnover of £1.8 million. The acquisition also includes the DOSH brand name and product range. Mamut will continue to sell and support DOSH products.

Mamut CEO, Eilert Hanoa said, ”We are enthusiastic about the improved offering this acquisition gives to our new customers in the UK. The acquisition of MYOB Business Division is an important building block in the UK launch of Mamut One, our software and services offering, that is currently being introduced in markets across Europe.”