Reckon’s statement about the cancelation said the Australia Competition and Consumer Commission and its New Zealand counterpart would not reach a decision before June 21. “The parties were confronted with having to make a decision whether to agree to extend the period within which completion was to take place,” Reckon said in a prepared statement. Reckon, once Intuit’s distributor in Australia, has been reducing its size. In January 2016, Reckon acquired SmartVault, a document management software company based in the United States. It planned to merge functionality of that product with its own Virtual Cabinet, but abruptly decided to divest the document management business and spun those products off on July 31, 2017 as GetBusy, which is publicly traded in the United Kingdom. After the company announced the proposed sale to MYOB last year, CEO Clive Rabie noted Reckon would keep its business and legal management operations.
MYOB CANCELS RECKON DEAL Featured
Australia software vendor MYOB Croup has terminated its planned purchased of the Accountant Practice Management operations of Reckon. With regulatory approval lagging in Australia and New Zealand, MYOB exercised its right to cancel the deal on May 31 after the passing of six months to satisfy conditions of the sale.
