January 12, 2018 / 6:40 AM / a year ago

Australian regulator begins review of Reckon's practice management unit sale to MYOB

Jan 12 (Reuters) - The Australian competition regulator on Friday said it would begin reviewing of the sale of Reckon Ltd’s accounting practice management software business to MYOB Group which was announced in November last year.

The Australian Competition and Consumer Commission said in a statement it would accept comments from third parties on the acquisition until Feb. 1, 2018.

In November, accounting software provider Reckon said it would sell the business for A$180 million ($141.86 million). MYOB had said separately that it would acquire all clients, intellectual property, systems and processes, and take in all employees of the Reckon accounting practice software business. ($1 = 1.2689 Australian dollars) (Reporting by Susan Mathew in Bengaluru; Editing by Stephen Coates)

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