Count subsidiary expands in Canberra

Twomeys, an accounting and advisory subsidiary firm of Count, has announced its acquisition of Canberra-based accounting and tax services business, Allan Watt Accounting (AWA).

Since it was established in 2006 as a family business, AWA has provided accounting, tax, bookkeeping and advisory services to clients across the ACT region.

The acquisition sees Twomeys inherit 700 more clients based in Canberra and regional New South Wales.

“This transaction evidences Count’s growth momentum and reflects the ongoing strength of our acquisitions pipeline,” Hugh Humphrey, Count chief executive, said.

“Twomeys has long had a strong presence throughout regional NSW and continues to expand its Canberra presence following the acquisition of Advantage last year.

“Joining Twomeys creates better outcomes for Allan Watt Accounting’s clients in Canberra.”

In a statement to the Australian Securities Exchange (ASX), Count said consideration for the transaction is $0.8 million with 70 per cent payable on completion and the remainder to be paid over two years, subject to the achievement of agreed revenue hurdles.