Australian small business accounting platform Reckon is expanding. The company, reports said Saturday (Jan. 16), has reached a deal to acquire SmartVault, a document management company, also based in the cloud and also focused on SME customers.
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Reports said that U.S.-based SmartVault will continue to operate under its own brand and as a separate company. The firms did not disclose the financial value of the takeover, however.
SmartVault, which integrates its document management services for businesses using QuickBooks solutions, will help Reckon expand globally, reports said.
“This acquisition brings together two companies with complementary product and market strategies — dedicated to providing solutions that increase efficiencies for accountants, bookkeepers and businesses,” said SmartVault Chief Marketing Officer Dania Buchanan in a statement. “Together, SmartVault and Reckon can provide deeper and richer document management capabilities and accelerate the time it takes us to deliver them to the market.”
This is the third strategic takeover for Reckon in recent years. According to reports, the firm acquired U.K.-based business document management company Lindenhouse in 2013; soon after, it bought out U.S.-based nQueue, which provides document routing services for companies.
Last year, Reckon also launched a new service, an online portal to connect SMEs with accountants, in an effort to enhance the ability for small business owners to access qualified financial services and support.
SmartVault’s Buchanan added that the acquisition will not impact the company’s direction.
“There is no change in our product strategy or go-to-market strategy, and we remain firmly committed to our product roadmap, API support and usability enhancements planned for this year,” the executive stated.