Reckon Limited (ASX:RKN) has paid an initial payment of $9 million for UK based Linden House Software.
The remainder of the price will be determined based on performance of the software business over the next three years, depending on future earnings.
Reckon expects the total payment for the business to be about $22 million and says it has been searching for a document management solution as well as a client portal that fits all parts of its business.
The Software and accounting company recently bought a stake in cloud based developer Connect2Field Holdings Pty Ltd and the latest acquisition allows it to diversify its portfolio further.
In the first half of the 2012 financial year, Reckon reported a net profit of $16.7 million.
RKN Price at posting:
$2.13 Sentiment: None Disclosure: Held
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