MYOB Group Seeks Clearance to Buy Accountants Group Business

MYOB Group Seeks Clearance to Acquire Accountants Group Business of Reckon

The Commerce Commission has received a clearance application from MYOB Group Limited (MYOB) to acquire the Accountants Group business of Reckon Limited (Reckon).

MYOB is a limited liability company incorporated in Australia and listed on the Australian Securities Exchange. MYOB provides software solutions to businesses and accounting practices in New Zealand and Australia. MYOB operates through three divisions, namely Accounting Practices, SME, and Enterprise.

Reckon is also a limited liability company listed on the Australian Securities Exchange. Reckon provides software solutions to accounting professionals and professional service firms, as well as to SMEs. In New Zealand, Reckon organises its operation into two groups, namely Business Group and Practice Management Group. The Practice Management Group comprises the Accountants Group in New Zealand and provides accounting, tax and other software to accounting practices.

Both parties are suppliers of software solutions to New Zealand accountancy firms: MYOB via its Accounting Practice Division and Reckon via its Accountants Group.

A public version of the application is available on the Commission’s Clearances Register.

Background

When considering a proposed merger, the Commission must determine whether the competition that would be lost with the merger would be substantial. We will give clearance to a proposed merger only if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.

A fact sheet explaining how the Commission assesses a merger application is available on the clearances page.

ENDS

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