Count Limited (ASX: CUP) through its equity partner firm, Bruce Edmunds & Associates, has announced the purchase of the accounting client book of May Klye & Associates,
Based in the Melbourne suburb of Cheltenham, May Klye is a long-standing financial services practice with significant accounting expertise within its team. The business has accounting and bookkeeping revenues of $1.2 million.
Consideration for the transaction is $1.4m, with 75% payable on completion and the remainder deferred post 12 months subject to achieving revenue targets.
Count Chief Executive Officer Hugh Humphrey said the client book acquisition would create scale benefits for Bruce Edmunds, a high-quality firm in which Count currently owns a 40% equity stake.
"Count continues to invest in quality businesses that expand our client base and accounting revenues as a result. May Klye’s clients will benefit from the significant experience and knowledge we have within Bruce Edmunds, a business that was founded in 1966 and has a proven track record of delivering exceptional client outcomes.”