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Two of Australia's accounting software majors announce a $180 million deal.

Reckon has sold its accountants practice management division – comprising Reckon APS, Reckon Elite and Reckon Docs – to MYOB.

For Reckon, the $180 million deal will bring in more cash than the market thought the whole company was worth. The money will be used to pay off debt, and then to pay a special dividend to shareholders.

Before the recent de-merger of Reckon's document management division and the deal with MYOB, Reckon's business division (responsible for Reckon One, Reckon Accounts and Reckon Loans) and legal practice management division together represented about half of the company in terms of revenue and earnings.

“The move marks a significant step forward for Reckon, as we look to narrow our focus on the small business accounting software market, further fuelling momentum in an area that's rife with untapped opportunities especially as more enterprises look to the cloud,” said Reckon group CEO Clive Rabie.

The accountants practice management division has more than 4000 clients in Australia and New Zealand.

MYOB CEO Tim Reed described the acquisition as a significant move for his business.

“This acquisition brings us closer to the delivery of our connected practice vision, which will see advisers and SMEs working seamlessly through a single platform enabling real-time collaboration and improved outcomes, including cost and time efficiencies,” Reed said.

“Reckon's accountant group is strongly positioned to enable us to deepen our relationship with advisers, and provide an opportunity for us to apply our knowledge and experience in both the midmarket practice suite as well as leverage the development of our online accounting solutions.”

All of the more than 120 employees will move to MYOB, said Reed.

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“We are excited to welcome the team from Reckon's accountant group. Collectively they bring fantastic expertise and insight in the adviser segment and we're delighted that they will help us bring to life this next exciting growth phase of our business.”

Subject to regulatory approval, the companies expect to complete the transaction by the second quarter of 2018.

LEAP is a cloud-based legal practice management platform developed by LEAP Legal Software, a privately held, Australian based software company. LEAP was listed in Australian Deloitte's Technology Fast 50 in 2004,[1] 2008[2] and 2009[3] and in the BRW Fast 100 in 2009.[4] LEAP expanded to the UK and US markets in 2014[5] and 2015.[6] In 2016, LEAP Legal Software generated $50 million in annual revenue. It employs more than 300 employees worldwide.[7] The LEAP software is now developed by LEAP Dev.[8] LEAP Dev creates a suite of products that are suitable for small law firms including the LawConnect client portal and file sharing environment.

  • 1Software
  • 2Corporate development
    • 2.2Internal start-ups

Software[edit]

LEAP Legal Software's flagship product is LEAP, a cloud based software for lawyers. The key features of LEAP include[9] a client and contact database, document assembly and management, automated matter types and forms, file sharing, time recording, and billing and trust accounting tools.

LEAP Legal Software introduced mobile app integration in mid-2013.[10]

Data storage[edit]

LEAP data is stored in the cloud, maintained by provider Amazon Web Services on servers in Australia,[11] the United States[12] and Europe.[13] School culture.

Integration with Microsoft[edit]

LEAP was integrated with Microsoft Office in 2002. In January 2016, LEAP completed an integration with the new Microsoft Office 365 software allowing complex document assembly to occur on the server rather than the desktop.[14] LEAP 365 was the first SaaS (software as a service) legal application for the Australian market.[15]

Corporate development[edit]

Acquisitions[edit]

LEAP Legal Software has acquired a number of products and companies, including:

  • BING! in 2008 [16]
  • LegalPax in 2008 [17]
  • LawWare in 2012 [18]
  • Peapod Legal Software in 2013[19]
  • Edgebyte in 2014[20]

Internal start-ups[edit]

InfoTrack[edit]

Initially a division of LEAP known as LEAP Searching, InfoTrack was launched as a separate company in 2012 and has since been brought under the umbrella company of Australian Technology Investors.[21][22] It had a reported annual revenue of A$144 million in 2015.[23]

Ownership and management[edit]

LEAP Legal Software was founded in 1992 by Christian Beck who remains the company's largest shareholder.[24]

LEAP Legal Software has had an Employee Share Scheme since 2009. There are more than 130 LEAP employees who own shares through this scheme.[25]

LEAP Legal Software's global headquarters are in Sydney, Australia. Its Australian offices are located in Sydney, Melbourne, Brisbane, Perth and Adelaide. It has offices abroad in New York, New Jersey, Twickenham, Manchester, Edinburgh, Cardiff, Brighton and Kraków.[26]

History and development[edit]

LEAP was created in 1992 by Christian Beck, who felt that lawyers’ workflow could be improved using technology.[27] In 2008 Leap acquired LegalPax, a provider of automated forms and precedents to law firms in Queensland.[28] In the beginning of 2010, Leap launched a cloud software called LEAP Expedite.[29] It also purchased BING! Software, a family law precedents business.[30] LEAP Office 10 was launched at the NSW State Legal Conference in August 2010.[31] In 2012, LEAP Expedite was replaced with a completely rewritten Cloud product.[32] LEAP 365 was released for the UK and US markets at an event at Yankee Stadium on September 12, 2016.[33] LEAP 365 integrated its document assembly capabilities with Microsoft Word Online and allowed users to access to LEAP through an online browser.

References[edit]

  1. ^Deloitte Technology Fast 50 2004
  2. ^Deloitte Technology Fast 50 2008
  3. ^Deloitte Technology Fast 50 2009
  4. ^BRW Fast 100 2009
  5. ^'LEAP Legal Software is now in the UK' Legal Practice Intelligence, 13 November 2014
  6. ^Needham, Lisa. 'LEAP Moves Document Assembly to the Cloud with Office 365's Web Apps' Lawyerist.com, 13 September 2016
  7. ^Harnish, Verne. 'How One Company Put Its Team Compensation On the Line- And Sparked 10X > Growth' Huffington Post 13 July 2016
  8. ^'Help us build software for the future LEAP Dev'. LEAP DEV - We're digital natives with a pioneering approach to enterprise development. Retrieved 2017-10-13.
  9. ^LEAP Features
  10. ^Legal Practice Intelligence 'How Lawyers Are Using Mobile Devices - The LEAP Experience' Legal Practice Intelligence, 23 June 2016
  11. ^LEAP Information Security Policy Australia
  12. ^LEAP Cloud feature
  13. ^LEAP Cloud feature
  14. ^Needham, Lisa. 'LEAP Moves Document Assembly To the Cloud With Office 365's Web Apps' Lawyerist.com, 13 September 2016
  15. ^Butler, Stephen. 'Cloud computing explained for a law firm' Australasian Legal Practice Management Association, 25 June 2013
  16. ^'LEAP Legal Software Pty Ltd Acquires the BING Family Law Software Business' Legal Practice Intelligence, March 14, 2010
  17. ^LEAP Legal Software 2008
  18. ^LEAP Legal Software Acquires LawWare 'LEAP Legal Software Acquires LawWare' Legal Practice Intelligence, 29 April 2012
  19. ^Venables, Delia. 'Cloud-based software for lawyers' InfoLaw, September 2016
  20. ^Insight Legal 'Lawbyte from Edgebyte'
  21. ^'Rich lister raises $350m in super money to disrupt the legal sector'. Financial Review. 2017-11-20. Retrieved 2018-04-27.
  22. ^'The Launch of InfoTrack Online Searching Service and Information Broker' Legal Practice Intelligence, 20 March 2012
  23. ^Thompson, Sarah. et al.'InfoTrack Moves Towards IPO Starter's Gun' The Australian Financial Review, 21 March 2016
  24. ^Crisp, Lyndall. 'Five Leaders On What It Takes To Make It To The Top' Qantas, 1 October 2016
  25. ^Harnish, Verne. 'How One Company Put Its Team Compensation On the Line- And Sparked 10X > Growth' Huffington Post 13 July 2016
  26. ^LEAP Contact
  27. ^Blackbird Ventures 'LEAP Co-Founder Christian Beck' 4 June 2015
  28. ^LEAP Legal Software 'LEAP Acquires Legal Pax' 1 December 2008
  29. ^'LEAP Office Cloud - A First Look Review' Legal Practice Intelligence, 6 November 2012
  30. ^Squillante, Neil. 'LEAP 365 Offers Practice Management and Document Assembly Everywhere You Go' TechnoLawyer 22 September 2016
  31. ^'300 People Attend Launch of LEAP Office 10' Legal Practice Intelligence, 30 August 2010
  32. ^'LEAP Office Cloud - A First Look Review' Legal Practice Intelligence, 6 November 2012
  33. ^Squillante, Neil. 'LEAP 365 Offers Practice Management and Document Assembly Everywhere You Go' TechnoLawyer 22 September 2016
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