A Christchurch entrepreneur has done it again, building up an accounting services business and selling it for a tidy – but this time secret – sum.
Mike Chisholm founded specialist accounting firm software company Acclipse in 2004, now it has 55 staff and services more than 1000 beancounting companies on both sides of the Tasman.
Yesterday, industry publisher CCH announced it will buy Acclipse and it expected to wind up the sale by today.
CCH is a subsidiary of Amsterdam-listed multinational Wolters Kluwer which turned over 3.35 billion (NZ$5.15b) last year. Chisholm sold his first accounting startup, CA-Systems, to MYOB in 1999 for $18 million in cash and $4m of shares.
By his own admission, Chisholm no longer needed to work after that and could have enjoyed an early retirement. However, after a few years of venture capital investing and working for MYOB, he thought he could create a better system for accountants and their clients.
Acclipse wanted to create a system that benefited both the accountants and their customers, and the proliferation of cloud-based technology meant it was now possible, he said.
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