Providence Equity Partners has actually gotten Tax Systems, a UK-based tax obligation and audit software application service provider, from Bowmark Capital.
Financial regards to the purchase were not divulged.
Providence, a company being experts in financial investments throughout media, interactions, education and learning, and modern technology industries, specified that its financing will certainly drive Tax Systems’ recurring system development and advancement.
The financial investment intends to boost tax obligation and governing conformity remedies while broadening right into both developed and brand-new markets.
Established in 1991, Tax Systems offers software application and remedies made to digitise tax obligation conformity, enabling tax obligation specialists to automate operations, boost conformity, minimize threat, and remove useful understandings from their tax obligation procedures.
According to Providence, the business sustains a customer base of greater than 1,500, consisting of international companies, greater than 80% of the leading audit companies in the UK and Ireland, and around 40% of FTSE 100 business.
Providence elderly taking care of supervisor and co-head of Europe Karim Tabet claimed: “We are excited by the opportunity to partner with Tax Systems. Throughout Bowmark’s ownership, the company has developed into a specialist leader in regulatory and compliance software. We believe this is a large and fragmented category, with constant changes and strong digitisation trends that provide potential for numerous growth avenues.”
Since being gotten by Bowmark in 2019, Tax Systems is claimed to have actually increased both its earnings and revenues.
The business, which was noted on goal, has actually developed a cloud-native, multi-tax modern technology system and just recently presented Pillar 2, an AI-driven SaaS option made to browse the intricacies of the OECD’s international Pillar Two conformity and coverage demands.
Tax Systems CHIEF EXECUTIVE OFFICER Bruce Martin claimed: “We have enjoyed an excellent and rewarding partnership with Bowmark, whose support has been instrumental in strengthening our position in core markets, expanding our product suite, and successfully entering new geographies.
“As we move into our next phase of growth, we are excited to be partnering with Providence, who recognise the strength of our business and the significant opportunities ahead. Their support will help us accelerate our expansion and innovation as we continue building the leading tax compliance software platform in EMEA.”
In December 2023, Tax Systems announced the purchase of Tax Design, a Dutch business being experts in tax obligation modern technology.
“Tax Systems acquired by Providence Equity Partners ” was initially developed and released by International Accounting Bulletin, a GlobalData possessed brand name.
