MYOB buys practice management software business in Australia
Australian tax and accounting software company MYOB Group has struck a deal to acquire an accounting practice management software business from Reckon Ltd., another Australian accounting software provider.
The deal is valued at AU$180 million (US$136.57 million), and will be an all-cash deal to reconcile debt.
Reckon’s Accountant Group provides practice management software to a reported 3,000-plus practices in Australia and New Zealand through three product lines. According to a statement from MYOB, the acquisition is expected to grow its advisor base.
Currently, MYOB provides both desktop and online accounting and tax software products. The acquisition is part of a plan to move more of MYOB's customers online and provide a stated “online migration path” for Reckon’s Accountant Group clients.
MYOB, based in Sydney, will not only acquire all clients, intellectual property, systems and processes, but it will also take in all employees of the Reckon accounting practice software business, including sales, consulting and support teams.