Subject to regulatory approval, MYOB is acquiring Reckon’s Accountant Group, which includes three businesses - Reckon APS, Reckon Elite and Reckon Docs. MYOB says the acquisition, for a total consideration of A$180 million, will see deepen its relationship with more than 3,000 accounting practices, with the purchase including all clients, IP, systems and employees associated with Reckon’s Accountant Group.
MYOB CEO Tim Reed says the acquisition was a significant move for the business, as it strengthens focus on the critical adviser audience.
“The Reckon Board, management and staff have built a strong business around advisers, the most important providers of recommendations of business solutions for small and medium enterprises (SMEs).”
“At MYOB, we believe the future of the accounting industry is an exciting one; we refer to it as our Connected Practice vision. In this future we believe advisers will become even more important in the lives of their SME clients than they are today,” says Reed.
This vision is underpinned by the creation of the MYOB Platform, enabling today’s accountants and bookkeepers to better connect with their SME clients, and become tomorrow’s Connected Practices.
“This acquisition brings us closer to the delivery of our Connected Practice vision, which will see advisers and SMEs working seamlessly through a single platform enabling real-time collaboration and improved outcomes, including cost and time efficiencies,” says Reed, in a statement.
“Reckon’s Accountant Group is strongly positioned to enable us to deepen our relationship with advisers, and provide an opportunity for us to apply our knowledge and experience in both the midmarket practice suite as well as leverage the development of our online accounting solutions.”
Reckon CEO Clive Rabie says that there were strong strategic and cultural alignments which made the acquisition a compelling opportunity for both businesses.
“This is an exciting opportunity for our team to work closely with MYOB, which is aligned to the value delivered by our practice management systems, and is strongly placed to support future growth through its combined resources across Australia and New Zealand,” says Rabie.
Reed says as with previous acquisitions, including BankLink (2013), Greentree (2016) and Paycorp (2017), the business would be wholly integrated within MYOB.
This includes more than 120 staff across New Zealand and Australia.
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