Herbert Smith Freehills has advised Reckon Limited (Reckon) on the proposed sale of its Accountants Practice Management Group, in a deal worth A$100 million, to The Access Group. The sale is subject to FIRB and ACCC approval.
Reckon is a leading provider of desktop and cloud-based accounting software for accountants, bookkeepers, small to medium businesses, and personal users.
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.
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.”