ACCC concerns over MYOB acquisition

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The Australian Competition and Consumer Commission has today outlined competition concerns at MYOBs (ASX:MYO) proposed acquisition of Reckon’s Accountants Group (ASX:RKN).

MYOB and Reckon, supply software used by accounting firms for tax returns, client and accounting and practice operation.

Their initial analysis shows their products are the only ones capable of meeting the software needs of medium to large accounting firms. This could lead to expansion barriers for other competitors.

Shares in MYOB are down 0.96% to $3.08