Reckon’s $180 million gamble to support SMEs

Reckon’s $180 million gamble to support SMEs

Cloud accounting provider Reckon has sold one of its prominent divisions to rival MYOB, in a move to focus its efforts more strongly on the SME market.

MYOB will pay $180 million cash for the Accountants Practice Management division of Reckon, which delivers Reckon less than half of its total revenue.

The division includes three core operating units: Reckon APS, Reckon Elite and Reckon Docs.

In a statement announcing the sale, Reckon said the move would allow it to focus on its core strategy “to offer small businesses with a complete suite of cloud solutions to effectively grow and succeed”. It also has plans to enter the legal market.

“We are pleased to have signed a definitive agreement with MYOB to sell our Accountants Practice Management division, group CEO Clive Rabie said.

The move marks a significant step forward for Reckon, as we look to narrow our focus on the small business accounting software market, further fuelling momentum in an area that’s rife with untapped opportunities especially as more enterprises look to the cloud.”

SPONSORED CONTENT


Both the Australian and New Zealand competition agencies will need to approve the deal.

Reckon’s $180 million gamble to support SMEs
mybusiness logo

Related Articles

promoted stories