Both MYOB and Reckon play in the low-end cloud accounting software market and compete directly with Xero. In a prepared statement, Reckon CEO Clive Rabie commented, Reckon will keep its business and legal management operations, which represent about half of annual revenue. That will enable the company to build the online accounting software business and also explore the legal market more. Earlier this year, Reckon spun out GetBusy.com, whose products include SmartVault, a document management system sold in the United States. SmartVault was acquired in January 2016, but Reckon then decided the document management business, which included Virtual Cabinet, did not fit with the rest of the business and spun off GetBusy in August. Clive Rabie became chairman of GetBusy and his son, Daniel, CEO.
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MYOB BUYS RECKON UNIT Featured
MYOB has purchased Reckon's Accountant Group—both companies are based in Australia. The roughly $136 million deal brings three businesses to MYOB, Reckon APS, Reckon Elite and Reckon Docs, which are sold to accounting firms in Australia. However, the deal is interesting more because of its impact elsewhere.
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