Tax Systems acquired by Providence Equity Partners
Providence Equity Partners has acquired Tax Systems, a UK-based tax and accounting software provider, from Bowmark Capital.
Financial terms of the transaction were not disclosed.
Providence, a firm specialising in investments across media, communications, education, and technology sectors, stated that its funding will drive Tax Systems' ongoing platform growth and innovation.
The investment aims to enhance tax and regulatory compliance solutions while expanding into both established and new markets.
Established in 1991, Tax Systems provides software and solutions designed to digitise tax compliance, allowing tax professionals to automate workflows, improve compliance, reduce risk, and extract valuable insights from their tax operations.
According to Providence, the company supports a client base of more than 1,500, including multinational corporations, more than 80% of the leading accounting firms in the UK and Ireland, and around 40% of FTSE 100 companies.
Providence senior managing director and co-head of Europe Karim Tabet said: '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 acquired by Bowmark in 2019, Tax Systems is said to have doubled both its revenue and profits.
The company, which was listed on AIM, has built a cloud-native, multi-tax technology platform and recently introduced Pillar2, an AI-driven SaaS solution designed to navigate the complexities of the OECD's global Pillar Two compliance and reporting requirements.
Tax Systems CEO Bruce Martin said: '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 acquisition of TaxModel, a Dutch company specialising in tax technology.
"Tax Systems acquired by Providence Equity Partners " was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
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