"We have grappled with the basic problem that the sum of the parts of our businesses is greater than the current value," Reckon CEO Clive Rabie said in a prepared statement.

Reckon's financial reports say SmartVault has exceeded expectations. The company also plans to eventually merge the two document management products.

For the year ended December 31, document management revenue was about $11.4 million, an increase of 51.9 percent over 2015. Reckon says it has more than 51,000 customers.

Reckon has two other business segments: business and practice management. The latter serves accountants in Australia and New Zealand. The business area includes Reckon One, the company's low-cost, cloud accounting package, which is sold in the Australia,  New Zealand and the United Kingdom.

Reckon would raise funds for the new company before the launch. The new company would trade on the AIM Market on London stock exchange. Reckon says one reason for the selection is 85 percent of document management revenue comes from outside of Australia.