Tax Systems, a leading tax compliance software supplier in the UK and Ireland, has announced the acquisition of TaxModel, a Dutch company specialising in innovative tax technology. This strategic move aligns with Tax Systems’ commitment to enhancing its solutions and expanding globally. Tax Systems is a portfolio company of Bowmark Capital, a leading private equity investment firm specialising in technology, data and services companies.
TaxModel has been a prominent player in the tax compliance sector for over a decade and is known for creating easy-to-use software for tax professionals. The company has more than 300 clients in over 25 countries, including top accounting firms and multinationals from a variety of sectors.
Tax Systems’ flagship product Alphatax is the UK and Ireland’s number one enterprise corporation tax compliance software – trusted by over 40% of the FTSE 100 and 80% of the top advisory firms. The acquisition of TaxModel will enable it to increase the depth and breadth of its tax solutions offering, by including TaxModel’s tax provisioning, transfer pricing and other regulatory reporting products.
Commenting on this, TaxModel founder and tax director, Hank Moonen, said: “Joining forces with Bruce and the team at Tax Systems is an exciting opportunity for us. We share a common goal of innovating in the tax compliance space, and this collaboration will allow us to leverage Tax Systems’ extensive market experience and technical capabilities to take our proposition to the next level. Having walked the same path, they are a true leader of the industry and fully understand our aspirations. When we combine this with our international scope, it’s an ideal pairing. We look forward to seeing what heights we can achieve together.”
Bowmark partner, Simon Kaufman, added: “Hank Moonen and his team at TaxModel have built a fantastic business, and we are delighted to support the next stage of its growth. The acquisition is an exciting step for Tax Systems, enabling it to accelerate its expansion beyond its leading position in the UK and Irish markets by combining with TaxModel’s highly complementary international tax solutions and wide geographical footprint.”
Tax Systems CEO, Bruce Martin, concluded: “This marks a significant milestone in our growth strategy. We remain steadfast in our mission to provide our customers with best-in-class software to transform the way they work; adding TaxModel’s proven and innovative solutions to our portfolio builds a compelling value proposition for both existing and new customers. We have a shared vision, and by bringing our collective technologies and teams together, I’m confident we’ll expand on the high-quality services that clients have come to expect from both companies.”
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