Tuesday, 11 August 2020 11:23

Reckon merging legal division with American start-up Zebraworks

Reckon merging legal division with American start-up Zebraworks Image by mohamed Hassan from Pixabay

ASX-listed accounting software firm Reckon has announced it is merging with American start-up Zebraworks, a software-as-a-service practice management provider for mid-sized legal firms.

The announcement was made at the same time as Reckon released its half-year earnings, reporting a 2% rise in revenue despite the uncertain trading conditions.

The company said it was taking a 70% stake in Zebraworks as its legal division merged with the start-up on 1 August to form Nqueue Zebraworks.

Reckon Group chief executive Sam Allert praised the Zebraworks team for its successful track record in developing and distributing legal practice management software to the US legal industry.

“Zebraworks’ proven team will help Reckon execute on our considered future strategy for the Legal Group, which is to harness our significant tech expertise to grow our footprint in the legal practice management industry, both in the US and globally. We are excited to execute on the potential for Nqueue Zebraworks in what is a substantial global market,” he said.

The company said its focus on cloud and mobile had resulted in the launch of two new products, providing long-term sustainable revenue opportunities. The Business Group launched a new paid payroll app for mobile in May 2020 which already had more than 2000 users, with more mobile apps planned for launch throughout the second half of the year.

The paid payroll app’s strong launch came off the back of a free payroll app introduced in May 2019 which had seen 35,000 users processing more than 520,000 pay runs since going live.

For the Accountants Group, Reckon said the release of a major Cloud Workflow module, with further modules to follow over the coming year, was expected to widen the addressable market for the division and power future growth opportunities – particularly with evolving workstyles accelerating the adoption of cloud-based digital collaboration tools for remote workers.

Allert said the first half of 2020 saw Reckon prove the resilience and efficiency of its team, business infrastructure and business interruption processes.

“We have experienced an eventful six months and are seeing the fruits of a clear, multi-year strategy – one which has shaped a business with the resilience, agility and expertise to weather storms while continuing to reliably deliver growth and profitability for shareholders," he said.

"The next six months and beyond will be a critical time as the world grapples with continued economic uncertainty, but we’ve shown that our solid fundamentals, coupled with our vision, can and does continue to deliver through tough times.”

In 2017, accounting software firm MYOB attempted to buy Reckon, but then abandoned those plans citing concerns over uncertainty in its business from further potential delays in the regulatory process to approve the proposed deal.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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