RECKON LIMITED — Capital/Financing Update 2013

Oct 9, 2013

ASX Announcement

Thursday, 10 October 2013

RECKON EXTENDS CLOUD CAPABILITY

Reckon Limited is pleased to announce the acquisition of two important pieces of technology as part of its stated objective to continuously extend the capability of its current desktop and hosted suite as well as to advance its range of cloud solutions.

SyncDirect

In the first transaction Reckon has acquired a product known as SyncDirect.

SyncDirect allows the transfer of data from a multitude of accounting systems (including cloud products) to allow professional accountants to seamlessly access their client data via a practice management solution.

Reckon Group CEO, Clive Rabie said:

“This is a massive step towards achieving the elusive ‘feels like one ledger’ experience that accountants have been desperately seeking. Gone are the days of clunky mapping. So no matter what system your client is using, you now have easy access to that data, without forcing your client to change accounting systems. It is a unique proposition which our competitors do not offer.”

More significantly, the acquisition of SyncDirect also represents an acceleration of the process of developing Reckon One, presently a small business accounting solution, into a cloud solution that provides not only accounting software solutions for businesses but also business software solutions for accountants, as this technology can be incorporated into practice management solutions.

New report writer

In a second strategically related transaction, Reckon has acquired a vastly enhanced version of the current desktop version of the Xcede Professional Accounting module (XPA) report writer for professional accountants which can now also be deployed in the cloud.

Reckon Limited paid $2 million dollars for the two acquisitions.

Mr Rabie added:

“This represents an efficient investment in technologies that would otherwise take several years to develop. Both technologies allow us to take a huge step forward ‐ quickly ‐ in developing a best of breed practice

management solution for accountants in the cloud while at the same time dramatically improving the strategic position of Reckon One.”

For further information, please contact:
Mr Clive Rabie	Mr Myron Zlotnick
Group CEO	Company Secretary
Reckon Limited	Reckon Limited
(02) 9577 5946	(02) 9577 5466