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Reckon advised on proposed multimillion-dollar sale
Global law firm Herbert Smith Freehills has advised Reckon Limited on the proposed sales of its Accountants Practice Management Group.
Emma Musgrave
Firms: Herbert Smith Freehills (Reckon Limited); Undisclosed (The Access Group)
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Deal: Reckon Limited has been advised on the proposed sale of its Accountants Practice Management Group to The Access Group.
Value: $100 million
Area: M&A
Key players: The Herbert Smith Freehills team was led by partner Nicole Pedler and was comprised of lawyers from across the firm’s M&A, IT, IP, employment, and competition practice groups, based in the Sydney office.
This included corporate solicitors Hudson Archer and Raul Vellani, IT partner Kwok Tang and senior associate George Psaltis, IP special counsel Amalia Stone, employment partner Michael Gonski and senior associate Rommo Pandit, and competition partner Patrick Gay and solicitor Emily Whitaker.
Deal significance: Reckon is described as a leading provider of desktop and cloud-based accounting software for accountants, bookkeepers, small to medium businesses, and personal users.
Reckon’s sale of its Accountants Practice Management Group to The Access Group is subject to FIRB and ACCC approval.
Commenting on the deal, Herbert Smith Freehills partner Nicole Pedler said: “We are delighted to have supported Reckon on this transaction, which will enable Reckon to return funds to shareholders, pay down debt and invest in growth initiatives for its cloud product set.”
