Notice to Cease Coverage of Reckon
We will cease research coverage of no-moat-rated Reckon on Jan. 1, 2018. Reckon’s share price has fallen 33% over the past five years as the company has struggled to compete with larger rivals such as MYOB and Xero, pointing to its lack of an economic moat. The transition of desktop accounting software to the cloud has also created challenges such as additional costs to upgrade legacy software and increased competition from overseas providers. The impending sale of the practice management divisi...Reckon is organized into three reporting and operational segments: Practice Management, consisting of practice management, tax, client accounting and related software under the APS brand, Elite and Docs business accounting software solutions, and nQueue software solutions; Document Management, consisting of Virtual Cabinet and SmartVault secure cloud based online document management processes; and Business, consisting of Reckon One cloud based accounting software, Reckon Accounts Hosted online accounting software products, as well as Reckon Accounts, including Reckon BankData, a bank feed solution, and Reckon GovConnect, a SRP-enabled solution for lodging reports to the government agencies.
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