CCH purchases NZ accounting tool vendor - Updated
Mt Maunganui-based accounting tool provider Business Fitness NZ has been purchased by CCH, and will continue to operate as a product line of its new parent company.
The firm offers practical, ‘how-to’ documents online to assist New Zealand accounting practitioners. Regular updates are provided to make sure the information on offer is in line with current tax laws.
Business Fitness NZ founder and CEO, Viv Brownrigg, says in a statement she is looking forward to joining CCH under parent company, Wolters Kluwer.
"This acquisition demonstrates a clear commitment to investing in leading New Zealand intellectual property,” Brownrigg says, "and builds on the strengths of both organisations, as well as enhancing our services to clients.”
CCH will retain all of Business Fitness NZ’s employees, with Brownrigg herself staying on in an advisory role.
The transaction will be completed on August 31 subject to regulatory requirements.
Pictured: the Business Fitness NZ team.
Update: Business Fitness founder Viv Brownrigg says she will continue to be the ‘eyes and ears’ of the organisation following its acquisition by CCH.
"I can recall having the conversation with Russell via email saying I wanted to stay on board as an advisor,” Brownrigg told Techday.
"I’ve been in practice for many years, I’m still a go-to person for a lot of people in the industry, so I can keep CCH updated on what’s happening.”
Brownrigg says the response from her staff and Business Fitness has been ‘terrific’.
"My staff handled the announcement that I made to them last Friday extremely well, they’re all excited about the benefits of having access to the CCH team.
"I also had the opportunity to ring some clients yesterday and they’ve been terrific, they’re all very congratulatory, and saying they’re proud of what Business Fitness has achieved.”
Asked to comment on the state of the market, Brownrigg says there is definitely room for growth.
"Like so many busy professionals accountants can be time-poor, but they’re smart people, and they’re smart about investing in products and services that are going to help them work smarter.”
CCH Asia-Pacific CEO, Russell Evans, is equally confident.
"Business Fitness is such a strong brand, they have such a strong connection within the professional market, and this is a great opportunity to introduce Business Fitness across a broader customer base.”
Evans says CCH has ‘had its eye on’ Business Fitness for around two years.
"When we look at acquisitions we start by surveying the marketplace and talking to clients, we ask what problems they’re seeing, what vendors they’re using.
"When we put those questions to our New Zealand accounting base, Business Fitness was always number one or two for providing practical tools for becoming more effective.
"Most said they couldn’t run their business without Business Fitness.”