Australian company Reckon has purchased Rafael Technology, trading under the Quicken name in New Zealand.
Reckon commenced the republishing and distribution of Quicken software products in 1993 under a licensing agreement with the US company Intuit.
The company has about 45 percent market share in the Australian market, whereas Rafael own less than 25 percent of the financial software market here.
Kerry Wood, CEO of Rafael Technology says the company is now better positioned in New Zealand.
“We will have, over the next two years, the resources to significantly increase market share and grow the business in what is a mature market environment.”
Reckon will acquire the management, staff and ongoing business of Rafael Technology with Wood at the head.
“Through the acquisition of Rafael Technology we are set to experience major growth in the New Zealand market,” says Reckon group CEO, Clive Rabie.