Count accounting partner makes $1.4m acquisition

8 February 2024
| By Jasmine Siljic |
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A Count equity partner firm has announced the acquisition of an accounting client book through a $1.4 million transaction.

Count first announced its strategic investment in Victorian accounting firm Bruce Edmunds & Associates in July 2023, in which Count currently owns a 40 percent equity stake.

In an ASX statement on 7 February 2024, the Count equity partner firm announced it has acquired the accounting client book of May Klye & Associates.

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.

Hugh Humphrey, Count chief executive, said the acquisition will bring scale benefits for Bruce Edmunds & Associates as it eyes further growth.

“Count continues to invest in quality businesses that expand our client base and accounting revenues as a result,” he explained.

“May Klye’s clients will benefit from the significant experience and knowledge we have within Bruce Edmunds, a business that was founded in 1966 and has a proven track record of delivering exceptional client outcomes.”

Last week, Count announced its first acquisition of the year, with one of its Victorian subsidiary firms purchasing an accounting practice.

Kidmans Partners – a multidisciplinary firm offering wealth management, accounting and compliance services – is a subsidiary of Count’s Australian financial services licence (AFSL).

The Victorian firm announced its acquisition of Business Accounting Melbourne, an accounting business which specialises in automating and implementing technologies to streamline all accounting and bookkeeping processes.

According to Humphrey, the deal will continue to support Count’s consistent growth as it also looks to become the third-largest advice licensee in Australia.

“This transaction is further evidence of Count’s growth strategy which will expand Kidmans’ client base and associated accounting revenues,” he said.

Count was also busy throughout 2023 as numerous advice practices joined its AFSL, with several advisers moving across from Affinia after Count acquired the firm from TAL in May 2023. The deal saw approximately 100 advisers added to its national community at the time and brought its client funds under administration to $17 billion.

Moreover, the financial advice licensee was active with its merger with Diverger last year. Diverger shareholders finally approved its merger with Count in late January, which will see the firm acquire 100 per cent of Diverger Limited.

 

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