Reckon welcomes Cashflow Manager to software family
Reckon has acquired Cashflow Manger and its 200,000 clients as part of a $8.75 million agreement with Money Management Group.
Cashflow Manager and Okke have been acquired by Australian accounting software provider, Reckon, to further develop and supplement the small business software market.
The acquisition of Cashflow Manger included its 200,000-member client base and software solutions from Money Management Group for $8.75 million.
Reckon CEO Sam Allert said the acquisition included 1,000 accounting and bookkeeping partners currently using the Cashflow Manager desktop accounting solutions.
“We are excited to welcome over 20,000 new clients and 1,000 accounting and bookkeeping partners into the Reckon family,” Allert said.
“Money Management Group has run a high-quality and profitable business for many years with Cashflow Manager and more recently Okke and has focused on supporting their SME clients and partners. It is an ideal match for us to acquire and bring them into the Reckon Group.”
As part of the acquisition, Cashflow Manager customers would continue to use the same software and support to ensure no disturbances to processes and operations were made.
Reckon said it continued to “invest heavily” in cloud-based solutions and the acquisition would provide additional scale to the company’s business group as it pursued a strategy of customer transition to their superior proprietary cloud products.
Allert said since Cashflow Manager was a strong cash-generating business with a loyal subscriber base, it provided a meaningful contribution to Reckon's growth ambitions and strategic direction.
“We will continue to support Cashflow Manager customers, as we support all our desktop users, as we work with them over the next few years on the perfect time to upgrade to our cloud-based solution.”
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