AMP’s SMSF arm, SuperConcepts, has acquired a $2.5 million accounting platform, which will see the transition of 16,000 software clients to its business.
SuperConcepts has announced the acquisition of Reckon’s Desktop platform for a purchase price of $2.5 million, comprising an initial payment of $1.25 million and with the potential for an additional $1.25 million at the end of a two-year earn-out period, according to a Reckon ASX announcement.
The acquisition increases market share across both administration and software services from 6.8 per cent to 9.7 per cent, according to SuperConcepts.
SuperConcepts said it has also formed a strategic alliance with Reckon so the two can leverage each other’s expertise and industry relationships.
Natasha Fenech, CEO of SuperConcepts, 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.”
Sam Allert, managing director of Reckon for Australia and New Zealand, said Reckon is thrilled to be working with SuperConcepts, adding it was “the start of a powerful partnership”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
24 Jan 2018FPA ‘never intended’ FPEC list for existing advisersBy Killian Plastow
24 Jan 2018ASIC investigation confirms in-house product biasBy Aleks Vickovich
24 Jan 2018CBA compensation payout hits $6.87m and risingBy Staff Reporter
23 Jan 2018Financial advice changing of guard ‘positive’By Staff Reporter
23 Jan 2018Royal commission, best interests duty and 2018 outlookBy Staff Reporter
23 Jan 2018Advisers challenged by geopolitical climate: reportBy Staff Reporter
- view all