Reckon Strengths, Domain Expertise, and Key Differentiators
Reckon is an Australian software company that provides desktop and cloud-based accounting software for accountants, bookkeepers, small to medium businesses, and personal users.The company has offices in Australia, New Zealand, the United Kingdom, and the United States. Reckon is listed on the Australian Securities Exchange. Reckon has over 600,000 businesses using its software across Australia and New Zealand.
Reckon Recent Developments
In May 2019, Reckon released the Single Touch Payroll App in partnership with UX, design and development specialists Thinkmill, primarily for Australia’s 450,000 micro-businesses (1-4 employees). It is available on the Apple App Store and Google Play Store for businesses of any size.
Reckon Mergers and acquisitions (M&A) Activities
In July 2018, Reckon acquired the technology and customers of Better Clinics, a business that provides cloud-based practice management software for health, medical and fitness professionals. This business presently focuses on the allied health services market that includes physiotherapists, chiropractors and personal trainers. This comprises a market of an estimated 120,000 customers.
Reckon Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Reckon applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Reckon and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Reckon One, customers.
Ownership: - RKN: ASX
Number of Employees: 300
Functional Market: Payroll,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith Based Nonprofit, Youth and Elderly Care Nonprofit, Special Cause Nonprofit, Oil and Gas, Professional Services, Retail, Transportation, Utilities,
Reckon Key Cloud and HCM Applications
Reckon HCM and Cloud HCM Applications Revenues, $M:
|Type/Year||2018||2019||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|HCM Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud HCM Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Reckon Revenue Breakdown by Type:
|Type||License||Services||Hardware||Support & Maintenance||SaaS|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe|
Reckon HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets
2019 HCM Revenues, By Sub-Functional Markets, $M
Reckon HCM Applications Revenues By Verticals, $M:
Reckon Total and HCM Applications Revenues by Region:
|Region||% of Total Revenues||2019 Total Revenues, $M||2019 HCM Applications Revenues, $M|
Reckon Direct vs Indirect sales
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Reckon Customers - Breakdown by Geo, Size, Vertical and Product
No. of Reckon Customers: 600000
No. of Reckon HCM Applications Customers: x
No. of Reckon Cloud HCM Customers: 62000
No. of Reckon Cloud HCM Subscribers: 100000
Develops and distributes accounting software solutions on either desktop, hosted or cloud platforms to small and medium sized businesses.It has over 600,000 active customers and supports 6,000 partners. 62,000 of its customers are cloud customers. Reckon Academy currently has 6650 active participants.
In 2019, 19,000 users have adopted Reckon’s new payroll app to ensure compliance with Single Touch Payroll. A significant adoption in a short time period, healthy signup rates are expected to continue with innovative product developments for mobile in the pipeline.
Reckon Market Opportunities, M&A and Geo Expansions
Reckon acquired perpetual licenses to the source code for two cloud-based applications to enhance its core capabilities. The source codes are from Pose, a leading Israeli web-based point of sale (POS) system provider, as well as MicroManager, a mobile-based time tracker established in New Zealand, and demonstrates a major leap forward in the company’s overarching strategy to ‘cloudify’ its core accounting offering.
Reckon Risks and Challenges
MYOB acquired for $130.7m the assets of Reckon’s Accountants Practice Management division, which included three businesses (Reckon APS, Reckon Elite and Reckon Docs) that provide accounting, tax compliance, and related software to more than 4000 small and large accounting practices in Australia and New Zealand. All clients, IP, systems and 120 employees associated with the division were included in the purchase. According to their annual report, Reckon sold the division with the intention to pay down some debt.
Reckon Ecosystem, Partners, Resellers and SI
In October 2018, Reckon partnered with The Career Academy, aimed at equipping students with hands-on experience using its flagship cloud accounting software Reckon One. The move comes off the back of rising demand from the accounting and bookkeeping industry for graduate talent with practical know-how across multiple accounting software platforms.
Reckon mainly sells direct as well as through its more than 6,000 partners. Reckon Channel Sales Partners are Cannon USA, Pacific Office Automation, Konica Minolta Worldwide and a number of local providers. Reckon operates in UK, USA, and AU.
Reckon Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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