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Brief company history

The individual businesses that form the Group are, prior to the Demerger, owned by Reckon Limited, an ASX listed technology group which reported revenues of A$97.8 million and an EBITDA of A$35.3 million in its 2016 financial year. Reckon is a specialist provider of accounting and practice management software services that have been used by over 800,000 SMEs. Reckon’s practice management software is used by the majority of the largest accounting practices in Australia and New Zealand.

The acquisitions of Virtual Cabinet in 2012 and SmartVault in 2016 were part of Reckon’s strategic plan to meet the perceived increasing market-led demand for document management service capabilities addressing the SME and ECM markets.

In March 2017, Reckon announced a demerger of its Document Management Services business, which now forms the business of the GetBusy Group. The primary strategic reasons for the Demerger are to:
- Free the Group to pursue an independent strategy to develop new global document management offerings, building on the existing customer base of the Virtual Cabinet and SmartVault business;

- Enable the Group to raise capital and create its own personality consistent with the innovative nature of its new SCIM product in development;

- Place Reckon in a strong position to move forward and focus on its strategy in the business and practice management segment and obtain the benefit of improved cash flow by the removal of the development capital and new market costs of the Document Management Services business;

- Simplify Reckon’s diverse business portfolio;

- And allow Reckon to take advantage of investment in cloud-based products and focus predominantly on domestic activities (in Australia and New Zealand), while GetBusy will focus on multiple international markets.