Reckon Ltd. (ASX: RKN) has agreed to purchase Linden House Software, a UK-based provider of document management and client portal products that helps businesses collaborate online.
Reckon will pay an initial payment of $9m, with further payments based on the performance of Linden over the next three years, with the most likely total price of $22m, Reckon said in a statement.
Linden serves customers across a wide range of customers with a strong focus at accounting firms, financial services providers and insurance companies.
“[Linden’s] products will round off many of our software solutions,” Reckon Group CEO, Clive Rabie, said in the statement.
Linden’s products are getting great traction in many industries in the UK market that Reckon hopes to benefit from for all its divisions in the future, Rabie added.
Reckon provides business management software and services to wealth management, SME and accounting sectors.