Last month, Reckon announced the sale of its accountants practice management division to accounting software provider MYOB in an all-cash sale of $180 million, subject to regulatory clearance from the Australian Competition and Consumer Commission (ACCC) and the New Zealand Commerce Commission (NZCC).
Reckon managing director Sam Allert has allayed fears over the sale, and believes it presents a “win-win” situation for both Reckon and MYOB.
“Firstly, I think it’s an absolute win-win deal, MYOB are acquiring a premium client base, a premium product set and a premium team, and for us at Reckon, it gives us absolute focus on our future and it gives us clear focus on our SME product base and our adviser client base,” said Mr Allert.
“What this means is a clear, laser-like focus on the solutions for SMEs and more product investment, more marketing investment and more investment in supporting small business in Australia and New Zealand.
As reported last month, Reckon will now turn its attention to the micro and small business accounting software market, which is where Mr Allert believes lies untapped opportunities.
“There’s huge opportunity for small businesses and for us to support small businesses,” said Mr Allert.
“We’re living in an amazing era at the moment, an amazing era of change, so small businesses need support, whether it’s compliance support, which is a bit of a pain, cash flow support or just tools to run their business, so it’s a huge opportunity for us at Reckon to support small business in Australia and New Zealand.”
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.