Tax Systems Acquires TaxModel to Broaden Product Suite and Expand International Reach

Date:

Share post:

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.”

Also Read: Top 5 FinTech Chatbots for 2023-24

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.”

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

Why is Sustainable FinTech Critical Today

FinTech offers robust convenience and security for financial transactions. But now, many customers are more keen on the...

Inswitch Partners with n1co Technologies To Improve Financial Inclusion In El Salvador

Inswitch, a global company in embedded finance technology, has partnered with n1co Technologies, a fintech company from El...

Billtrust Expands Partnership With Visa To Support Business Payments Network

Billtrust, a company in helping businesses manage orders and payments, has expanded its partnership with Visa. Together, they...

Open Payment Technologies Ltd Launches New Digital Wallet App “Kuady”

Open Payment Technologies Ltd is announcing the launch of its digital wallet app "Kuady". Kuady is designed to...