ACCC concerns over MYOB acquisition

Company News

by Rachael Jones

The Australian Competition and Consumer Commission has today outlined competition concerns at MYOBs (ASX:MYO) proposed acquisition of Reckon’s Accountants Group (ASX:RKN).

MYOB and Reckon, supply software used by accounting firms for tax returns, client and accounting and practice operation.

Their initial analysis shows their products are the only ones capable of meeting the software needs of medium to large accounting firms. This could lead to expansion barriers for other competitors.

Shares in MYOB are down 0.96% to $3.08

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.