Legal and taxation publication provider CCH has acquired Mt Maunganui-based accounting software specialist Business Fitness NZ, in what is one of several pieces of merger and acquisition activity in the financial software market this week.
According to a statement from CCH, “Business Fitness NZ’s innovative content solutions include a range of over 2000 ‘how to’, process-driven compliance and service templates” as well as other features.
Business Fitness has more than 380 local accounting firms as clients, according to its website. The firm grew from CEO Viv Brownrigg’s own accounting practice that electronically documented its own procedures and processes in the 1990s, and then started offering a similar service to other accounting firms.
CCH Asia-Pacific CEO Russell Evans says in the statement: “This acquisition is a strategic move that will benefit professionals throughout New Zealand.”
All Business Fitness NZ employees will transfer to CCH and the deal is expected to be finalised on August 31. The price paid for Business Fitness wasn’t disclosed.
Meanwhile, another financial software specialist, Auckland-based Banklink, has turned down an acquisition offer from Australian private equity firm Archer Capital, a co-owner of MYOB, according to The Australian.
The Australian reports that several other private equity firms are "running the ruler" over MYOB. According to the Australian Financial Review, Archer Capital is seeking to sell its stake in MYOB.