Founded in 1991, Tax Systems’ portfolio of solutions automates the end-to-end tax compliance process, enabling the company’s clients to increase the accuracy of their tax reporting, reduce the risk of non-compliance and free up the tax function to focus on value-adding tasks. Clients include a large proportion of the FTSE 250 and 23 out of the top 25 accounting firms.
Bowmark is investing alongside the current management team to support the company’s continued expansion. The Bowmark investment will also enable the company to accelerate the development of new products and services, particularly in response to the roll-out of HMRC’s new “Making Tax Digital” initiative, which aims to modernise the way tax is reported.
Tax Systems’ CEO Gavin Lyons said: “It has been an absolute pleasure working with the Bowmark team to execute this transaction. They understood our business very quickly and grasped the critical drivers and market potential. Our leadership team is very much looking forward to working with Bowmark to maximise the exciting opportunities ahead.”
Bowmark managing partner Charles Ind said: “We have been tracking the company for a number of years and are delighted to be supporting Gavin Lyons and his team. Tax Systems has an enviable position as a trusted partner to the majority of the UK’s largest corporates and accounting firms. We look forward to supporting the team as they capitalise on the opportunities arising from the digitilisation of tax compliance.”
The transaction follows a busy start to 2019 for Bowmark, which recently announced the buy-out of Pirum Systems, the leading provider of post-trade market infrastructure technology for the global securities finance industry. In January Bowmark reported the closing of its new fund, Bowmark Capital Partners VI, which reached its target of £600 million in just 10 weeks.
Corporation tax software provider Tax Systems is uniquely positioned to capitalise on HMRC’s Making Tax Digital initiative
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