On Monday, Count Limited announced the acquisitions of Solutions Centric, an Australian company operating out of India that provides offshore accounting, tax, and SMSF services.
Count chief executive Hugh Humphrey said the move supports the firm’s current focus to expand its services segment to complement its existing group services that support accounting and financial planning businesses, along with actuarial certificates, SMSF, and tax training/education.
“This acquisition continues Count’s recent strategic growth momentum with the addition of a quality and highly technical outsourced services provider,” Mr Humphrey said.
“We know that accounting firms are still experiencing resourcing challenges, so the need for reliable external providers with strong technical knowledge has never been more important in servicing clients and supporting practice efficiency.”
Solutions Centric managing director and CEO Krish Sritharan said he is excited about the prospect of leading the company in this next step and the benefits that will come from being a part of the Count community.
“This strategic partnership with Count allows for the next stage of evolution and development for Solutions Centric within the professional services industry,” Mr Sritharan said.
“The existing synergies between Count and the management team at Solutions Centric will provide a strong platform for growth and support to the accounting and financial services industry in Australia.”
The acquisition is expected to be complete by 31 March 2024 and Count will acquire 51 per cent of the business based on the enterprise valuation of $4.1 million. Count will pay an upfront consideration of $1.6 million and the remainder over 12 and 24 months.
Solutions Centric will continue to function as a stand-alone entity within Count’s equity partnership model under Mr Sritharan’s leadership.
The deal comes off the back of Count’s acquisition of the accounting client book of May Klye & Associates last week, and the accounting client book of Business Accounting Melbourne the week before, with a combined value of $2.16 million.
