Reckon completes sale of Accountants Practice Management Group

Reckon has completed the sale of its Accountants Practice Management Group to Access Software Australia, Access Workspace NZ and Access UK Limited for $100 million.

Reckon announced the completion of the all-cash transaction to the Australian Securities Exchange (ASX) today.

The announcement said Reckon would continue working with the Access Group under a temporary transitional services agreement to ensure an efficient and successful handover of all assets, staff, clients and employees.

Reckon has retained its Business and Legal Groups which its chief executive, Sam Allert said represented 70% of revenue and approximately 60% of EBITDA prior to the transaction.