An ASX-listed wealth management and financial advice firm has acquired a provider of in-house tax training for accountants and lawyers.
Knowledge Shop, a wholly-owned subsidiary of Easton Investments, has paid $360,750 to acquire 65% of Taxbytes; a provider of in-house tax training to the accounting and legal industries.
Knowledge Shop has also agreed to acquire the remaining 35% equity in the company in three years' time.
Under the agreement, Taxbyte's current managing director Jo-anne Hotston will continue to lead the business while also becoming a member of the Knowledge Shop's technical team, for an initial period of three years.
"The addition of Jo-anne Hotston to the Knowledge Shop tax technical team increases both the depth and spread of our technical resources, and will further enhance the quality and delivery of programs being offered to the accounting profession," Easton managing director Greg Hayes said.
Hayes described the acquisition as an excellent strategic investment opportunity for Knowledge Shop which would also all for further growth of the Taxbytes business.
"We regard Taxbytes as a highly complementary business to Knowledge Shop and supports our continuing growth in the professional training market," he said.
He said the addition of Taxbytes to the existing training formats offered by Knowledge Shop enables accountants to select the training format most appropriate to their business, allowing them to choose between face to face event programs, online webinars or in-house training.
"They will be able to select from a range of programs and delivery formats, confident in the knowledge of the quality of training being provided," Hayes said.
Taxbytes was established by Hotston in 1995. The business is expected to achieve a full year normalised EBITA of more than $240,000.