Enprise Group (NSX: ENS) has acquired a non-controlling interest in Melbourne-based cloud software company AccountAbility Access Pty Ltd.
AccountAbilityTM was founded by former advertising agency CFO Terry McMillan in 2007. Leveraging his advertising agency experience, McMillan developed the first cloud job costing and accounting software purpose designed for global communications agencies. AccountAbilityTM has used its first mover advantage effectively to build a blue chip customer list comprising agencies across Australia, UK, Europe, US, the Middle East and Asia. Recent customers include Grayling, the world’s second largest independent PR consultancy, which operates in 28 countries around the world. Other customers include Cowan Design (100 staff, with offices in Australia, Asia and the UK), MKG (a New York events and promotion company), The Corner (a London-based advertising agency) Loud (a Sydney-based creative agency) and Hammond & Thackeray (a Sydney-based agency with offices in Melbourne and Auckland).
Enprise Group CEO Mark Loveys says the investment is part of the group’s strategy to invest in high growth cloud software and services companies, complementary to the group’s core operating divisions, Enprise Solutions and Enprise Software. Last year Enprise invested in the New Zealand-based 2Cloud cloud hosting company.
“AccountAbilityTM is a superb product with first mover advantage and huge potential in the global creative, communication and advertising industries,” Loveys says.
"AccountAbilityTM is well placed to satisfy the demand from multi-branch, multi-national communications companies for an easy to use, pay as you go, cloud solution which can track and manage projects in real time, as well as providing a full suite of accounting modules. Its particular competitive advantage is that it enables agencies with multiple locations around the world to run a single system and get instant consolidated financial data. This is an industry ‘first’ never before achieved by even the largest global agency groups. The AccountAbilityTM cloud delivery model and its strengths in the management of multiple entities, currencies and languages make this possible and financially viable.”
Mark Loveys says that in addition to becoming a shareholder in AccountAbilityTM, Enprise will actively promote AccountAbilityTM through its international network.
A new business unit will be set up within Enprise specifically to market and support AccountAbilityTM, Loveys says. It will be able to leverage the resources and depth of accounting and job costing expertise of the Enprise team, across branches in Auckland, Hamilton, Wellington, Sydney, Melbourne and Pretoria.
AccountAbilityTM founder and CEO Terry McMillan says he welcomes Enprise Group both as a shareholder and distribution partner.
“We look forward to drawing on the skills and expertise of Mark Loveys and his team in adding further momentum to our global growth. Enprise brings many years of experience in the development, marketing and implementation of financial software,” McMillan says.
“We see New Zealand as a market with immediate opportunities and believe Enprise are well placed to capitalize on that. Additionally, we look to the Enprise channel partners in North America to help build our capacity in that key market.”
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