Quicken has purchased the intellectual property of its point of sale QuickPOS software for an undisclosed sum.
QuickPOS has been a strong selling product for the company, and was instrumental in Quicken's recent leapfrog over accounting software rival MYOB to snare 51.5 per cent market share in June.
The acquisition is in line with the company's strategy for securing future income streams though the ownership of software intellectual property rights, according to a statement issued by Quicken.
Figures from Australian Retailer's Association show around 80 per cent of SME retailers in New Zealand computerised their point of sale systems over an 18-month period after GST was introduced. Quicken says it wants to capitalise on this trend, which it thinks will be replicated in the Australian market.
As a result, the company has signed up retail giant Harvey Norman for its aggressive marketing campaign which will be launched over the next quarter.
Quicken CEO Greg Wilkinson said the company has also established a network of accredited consultants across the country to help retailers update their systems.
The company is listed on the Australian Stock Exchange as Reckon Ltd and trades and Quicken.