The chief executive of Reckon admits he has lost the "jewel in the crown" of the company by selling its accounting practice software unit to rival MYOB for $180 million.
The deal, if approved by the Australian Competition and Consumer Commission and the New Zealand Commerce Commission, will result in MYOB buying three Reckon product lines – Reckon APS, Reckon Elite and Reckon Docs. Accounting groups use these produces to run their practices.
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Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com
