SuperConcepts acquired Reckon’s Desktop platform for a purchase price of $2,500,000 comprising an initial payment of $1,250,000 with the potential for an additional $1,250,000 at the end of a two-year earn out period, a Reckon ASX announcement said.
According to SuperConcepts, the acquisition increases market share across both administration and software services from 6.8 to 9.7 per cent.
SuperConcepts said it formed a strategic alliance with Reckon to leverage each other’s expertise and industry relationships.
SuperConcepts chief executive Natasha Fenech said the acquisition and strategic alliance is another step forward in growing the SuperConcepts business as an end-to-end service provider in the SMSF market.
“Reckon is a highly regarded provider of accounting software services. We’re excited to form an alliance that will help us to enhance the level of service and technology available to SMSF trustees and their advisers,” she said.
“SMSF software continues to be a key part of our strategy and we will continue to invest in the technology as we expand our service to become a market leader in SMSF software solutions and partner of choice for the SMSF industry.”
Managing director of Reckon for Australia and New Zealand, Sam Allert, said Reckon is thrilled to be working with SuperConcepts, adding that it is “the start of a powerful partnership”.