Acquisition Adds Significant New Capabilities to the Tax Systems Software Portfolio and Boosts Presence Across 25 Additional Countries
LONDON, 11 DECEMBER 2023 – Tax Systems, the leading tax compliance software supplier in the UK and Ireland, today announced the acquisition of TaxModel, a pioneering 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.
Hank Moonen, TaxModel’s founder and Tax Director, 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.”
Simon Kaufman, partner of Bowmark, commented: “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.”
Bruce Martin, CEO of Tax Systems, concludes: “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.”
TaxModel is a leading provider of standardised international tax compliance technology for multinationals and intermediaries worldwide. It provides innovative SaaS solutions developed for tax professionals to accelerate tax workstreams, increase transparency, and work smarter.
TaxModel was founded in 2011 with the vision to build a technology-enabled tax control framework, with a mission to make tax technology easy to use for any intermediary and multinational company that takes its social responsibility seriously when it comes to tax transparency. With customers in over 25 countries, TaxModel’s tax technology solutions are trusted by over 300 multinational and intermediary customers and over 6,000 in-house and external tax professionals.
Visit TaxModel: www.tax-model.com
About Tax Systems
Tax Systems, a Bowmark Capital-backed investment, is the leading provider of tax compliance software in the UK & Ireland. Its technology enables customers to create better opportunities and generate valuable insights from their tax function while also mitigating risk. Translating complex, ever-changing tax legislation into intuitive solutions, customers can trust that their calculations will be right, first-time, every time.
Founded in 1991, Tax Systems is trusted by over 40% of the FTSE 100 and 80% of the top advisory firms; over 1,300 customers trust its software to get their tax calculations right. There are 30,000 tax professionals trained to use Tax Systems’ solutions, filing over 200,000 submissions every year.
About Bowmark Capital
Bowmark Capital (“Bowmark”) is a leading private equity investment firm, specialising in technology, data and services companies. Established in 1997, Bowmark manages funds of over £1.7 billion and has made more than 50 investments. Bowmark’s focus is on four core areas of the technology sector: data and insight, managed IT services, software, and technology-enabled business services. The firm invests up to £200 million per transaction through majority or significant minority stakes in companies with compelling growth prospects, that are seeking a supportive, value-added partner to help them realise their ambitions. Bowmark Capital LLP is authorised and regulated by the Financial Conduct Authority.
Visit Bowmark Capital: www.bowmark.com