ARN

Reckon buys stake in Melbourne IT

Accounting software provider coughs up $7.3 million for 4.97 per cent of Melbourne IT

Accounting software provider, Reckon, has purchased 4.97 per cent stake in Melbourne IT to the tune of $7.3 million.

The shares have been acquired using existing cash reserves and debt facilities.

The purchase fits within Reckon’s strategy to operate within an online environment.

Reckon doesn’t have intentions to further extend its shareholding beyond 4.97 per cent, but will look into a commercial relationship with the company.

Reckon Group CEO, Clive Rabie, told ARN it experienced a lot of demand within the online segment.

“Melbourne IT has services that if we wanted to, we could make available to our customers,” Rabie said. “By having a commercial relationship with Melbourne IT, we would be able to offer those products.”

Rabie said it embarked on its online strategy about a year ago and started looking at more types of services to offer customers.

“When you take on a partner that is as strategic as this, you do want to have some sort of control in that relationship by taking a commercial strategic stake as well as having an agreement,” he said.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: Accounting Software, ARN, Melbourne IT
References show all

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the ARN comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: Melbourne IT, Reckon Limited, stakeholder engagement
rhs_login_lockGet exclusive access to ARN's news, research and invitation only events.
ARN Distributor Directory
Find distributors by name | vendor | location
Channel Deals
/deals/whitegold-solutions/2012-05-22_443_free-allied-telesis-wireless-router
WhiteGold Solutions

Free Allied Telesis Wireless Router

More details »
ARN Vendor Directory
Find vendors by name | category

iAsset is a channel management ecosystem that automates all major aspects of the entire sales,marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.