In a further demonstration of MYOB’s commitment to the role advisers will play in the future of the accounting industry, MYOB has announced the acquisition of Reckon’s Accountant Group, a leading provider of practice software solutions in Australia and New Zealand.
Subject to regulatory approval, MYOB is acquiring the assets of Reckon’s AccountantGroup, which includes three businesses - Reckon APS, Reckon Elite and Reckon Docs * - for a total consideration of A$180 million.
MYOB makes life easier for approximately 1.2 million businesses by simplifying accounting, payroll, tax and inventory in Australia and New Zealand, with a network of more than 40,000 accountants, bookkeepers and other consultants.
The acquisition will see MYOB deepen its relationship withmore 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 said the acquisition was a significant move for the business, strengthening 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 forsmall 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,” said Mr 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.”
“Reckon’s AccountantGroup is strongly positioned to enable us to deepen our relationship with advisers, and provide an opportunityfor us to apply our knowledge and experience in both the mid-market practice suite as well as leverage the development of our online accounting solutions,” said Mr Reed.
Reckon CEO Clive Rabie said 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 throughits combined resources across Australia and New Zealand,” said Mr Rabie.
Mr Reed said that following in the footsteps of previous acquisitions, including BankLink (2013), Greentree (2016) and Paycorp (2017), the business would be wholly integrated within MYOB. This includes all 120+ employees currently based throughout Australia and New Zealand.
“We are excited to welcome the team from Reckon’s Accountant Group. Collectively they bring fantastic expertise and insight in the adviser segment and we’re delighted that they will help us bring to life this next exciting growth phase of our business.”
“This is a fantastic opportunity for us and an exciting step forward for the future of the accounting industry,” said Mr Reed.
For further comment or other information please contact:
Amy Kirkwood, Australia PR and Corporate Communications Manager,
M: 61 427 822 088/ E: firstname.lastname@example.org
* Reckon APS: a desktop software suite of solutions for medium and large accounting firms.
Reckon Elite: a desktop solution for sole practitioners or smaller accounting firms which offers tax, financial reporting and practice management tools.
Reckon Docs: a corporate services solution that provides corporate documentation, company formation and information services aimed at accountants, financial planners, lawyers and SMSF administrators.
MYOB Group Ltd (ASX: MYO) is a leading provider of online business management solutions. MYOB makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across four strategic segments – Small to Medium sized businesses (SMEs), Practices (accountants, advisers and bookkeepers), Enterprise (larger businesses) and Payments. It provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. MYOB is committed to ongoing innovation and delivering efficiencies and growth opportunities for its growing client base across Australia and New Zealand.For more information, visit http://investors.myob.com.au/Investors or follow @MYOB on Twitter.