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Panalitix acquires 2020 Group USA

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13th Jan 2016
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Panalitix, a developer of analysis and consulting tools for accountants, has acquired 2020 Group USA , the American wing of the well known practice development network.

The move is part of a global growth plan for Brisbane-based Panalitix to provide content and marketing support for accountants with clients running Xero, QuickBooks and MYOB accounting software.

A Panalitix spokesperson told AccountingWEB the deal gives Panalitix a position in the North American market, making it a vehicle for global practice development and consultancy.

“Panalitix is not just software and tools; it’s now about the content 2020 Group has to offer - there’s a great synergy between the two and really adds value for accountants,” the spokesperson said.

Chris Frederiksen of 2020 Group USA welcomed the opportunity for his Bay Area firm to join Panalitix: “In my opinion, it is the world leader in providing products and services that accountants can use right now to augment their Type 1 compliance services with more profitable and rewarding Type 2 business advisory services,” he said.

“They are also committed, as I am, to moving clients to the cloud and providing them with real-time, current and useful information, monitored by accountants. The Panalitix platform allows accountants to take a quantum leap in value to their clients.”

Rob Nixon, chief executive and founder of Panalitix, along with his business partner Colin Dunn released the first version of their software in April 2014. The company is also working closely with 2020 in the UK, where Nixon has forged a strong relationship.

Commenting on the new deal, Nixon said: “2020 Group USA’s deep industry expertise, educational programmes, and industry-leading content compliments Panalitix’s existing cloud application, marketing tools and training programmes.

“The acquisition bolsters our ability to support our members worldwide, bringing together an ever broader community of outstanding practicing accountants.”

2020 Group USA, the brainchild of seminar leader and consultant Chris Frederiksen, provides seminars, products and consulting help to its members as well as offering marketing and management support. Christine Anuszkiewicz has been appointed executive director for the US and will lead Panalitix’s global expansion in North America.

Panalitix helps accountants provide real-time business advisory services to their clients and is currently used by clients in countries where there is a rapidly increasing user base of cloud accounting platforms and includes Australia, UK, New Zealand, Canada, Hong Kong, Singapore, Malaysia and India.

Commenting on the deal, Nigel Harris of Burton Sweet told AccountingWEB that it didn’t seem to be a particularly strategic move for 2020: “It doesn’t look like a major move in terms of practice development, but I suspect more a reflection of the age of the 2020 Group founders. It does however reaffirm that most progressive accounting firms now have cloud accounting as a core offering.”

Mark Lloydbottom also said: “At a time when the profession here in the UK is at a major crossroads this sale is timely for the owners of 2020. The focus and penetration of the group’s tools into the UK will be high on Rob Nixon and Colin Dunn’s agenda. As former colleagues of mine I wish them well and trust that 2020 UK members enjoy access to the Panalitix resources.”

AVN founder Steve Pipe told AccountingWEB: “We have always been passionate about making life better for accountants and their clients. So we welcome anything that does that. What’s more, there never has and never will be a one-size-fits-all solution that works for everyone. So the more options accountants have, the better.”

Ian Fletcher of 2020 UK commented on the impact of the deal on the local market: “We are delighted for Chris Frederiksen who has been one of the world’s top thought leaders in accounting for nearly 40 years. Panalitix have some fantastic resources, tools and products and we are sure the USA members will find these valuable.

“Chris will continue to consult and train accountants and we look forward to seeing him back at our UK Annual Conference on the 10-11 November. 2020 UK continues to work with Panalitix to help promote their leading edge consulting tools to progressive accountants and Rob Nixon, Paul Dunn and Colin Dunn will be regular speakers at 2020 UK conferences throughout 2016,” he said.

Nixon also hinted at further software developments in 2016: “There has been significant investment in the product, with some market-leading changes coming this year.”

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Richard Sergeant
By Richard Sergeant
14th Jan 2016 13:36

Nigel spots it

I think Nigel nails it there.

I am delighted for Chris F though, it's a great move.

His reputation and database for the US is an incredible and smart acquisition by Panalitix. A good win/win on paper.

 

Thanks (1)
Adrian Pearson
By Adrian Pearson
14th Jan 2016 16:57

Thanks Chris
If this is Chris Frederiksen's effective retirement, then I wish to both thank him for his insights over the years and wish him all the best for the future.

In the mid-nineties Chris was a real innovator and his seminars were a joy to be part of. He's had many imitators since but he remains the real deal.

Thanks (3)