Class acquires ReckonDocs
Self-managed superannuation fund (SMSF) technology platform Class has acquired documentation service ReckonDocs from accounting software provider Reckon.
The transaction included the complete acquisition of the ReckonDocs platform and customer base for a value of $13 million adjusted for working capital with the target date of the transaction date expected on 1 March.
ReckonDocs was used by over 2,000 businesses in Australia with one in seven companies registered through the platform.
Its product suite included company registrations, trust deeds and SMSF deeds, which would be incorporated into Class’s NowInfinity platform.
Sam Allert, Reckon chief executive, said Reckon’s strategy was now focused on small business accounting and payroll, and practice management for accounting and legal firms.
“Consequently, we have taken the decision to divest the ReckonDocs platform to Class Limited,” Allert said.
“The acquisition provides ReckonDocs customers with access to the market’s leading document platform and product set.
“This also creates an opportunity for two market-leading software companies to partner and integrate our products to provide an integrated wholistic solution to accounting firms.”
Andrew Russell, Class chief executive and managing director, said the acquisition would accelerate the market leadership role Class would play in the legal documentation and corporate compliance marketplace
“The addition of ReckonDocs will see Class with approximately 14% market share by revenue of the corporate compliance and documentation segment,” Russell said.
“We are committed to delivering our customers the most comprehensive and integrated suite of services available in the markets we operate in, and this acquisition will also deliver ReckonDocs clients an expanded set of products and services to add further value to the relationship.”
AUTHOR
Chris Dastoor
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