Count expands services segment with offshore acquisition
Count has made its latest acquisition of a company that provides offshore services for advisers out of India.
Solutions Centric is an Australian company that provides offshore accounting, tax and self-managed superannuation fund (SMSF) services out of India.
Founded in 2016, Count said it provides highly technical and tailored services to accounting businesses.
The acquisition continues Count’s expansion of its services segment, which supports accounting and financial planning businesses.
Hugh Humphrey, Count chief executive, said: “This acquisition continues Count’s recent strategic growth momentum with the addition of a quality and highly technical outsourced services provider.
“We know that accounting firms are still experiencing resourcing challenges, so the need for reliable external providers with strong technical knowledge has never been more important in servicing clients and supporting practice efficiency.”
Krish Sritharan, managing director and CEO at Solutions Centric, said the move would allow the company to develop and provide a strong platform for growth.
“This strategic partnership with Count allows for the next stage of evolution and development for Solutions Centric within the professional services industry. The existing synergies between Count and the management team at Solutions Centric will provide a strong platform for growth and support to the accounting and financial services industry in Australia.”
Sritharan will continue running the business post-acquisition and it will operate as a standalone entity within Count’s equity partnership model, with completion expected before 31 March 2024.
Last week, the firm announced Victorian accounting firm Bruce Edmunds & Associates, in which it holds a 40 per cent stake, had acquired an accounting client book of May Klye & Associates through a $1.4 million transaction.
The Melbourne-based firm offers a range of financial services with accounting expertise in its team, and has accounting and bookkeeping revenues of $1.2 million.
Consideration for the purchase of May Klye & Associates is $1.4 million, with 75 per cent payable on completion and the remainder deferred post 12 months subject to achieving revenue targets.
A large acquisition with rival licensee Diverger is expected to complete in March after the deal received approval from Diverger shareholders last month.
The implied value of the default scheme consideration, based on the closing price of Count shares on 19 January of $0.69 per Count share, is $1.39 per Diverger share.
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Laura Dew
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