Taxware, a portfolio company of Vista Equity Partners, is merging with Convey Compliance Systems. No financial terms were disclosed. Taxware is a provider of indirect tax software, managed services and regulatory content while Convey provides cloud-based tax information reporting solutions.
Wilmington, MA and Minnetonka, MN. July 1, 2014− Taxware, a global provider of indirect tax software, managed services, and regulatory content is merging with Convey Compliance Systems, the #1 private third-party filer of 1099 forms. With the backing of Vista Equity Partners, a leading private equity investor in software and technology-enabled businesses with approximately $11.5 billion in cumulative capital committed, the two companies will leverage their complementary tax compliance solutions to create a unique capability for addressing wide-ranging client needs for tax technology and services. Together, the companies will streamline operations and reduce compliance risk through robust regulatory and tax law expertise combined with best-in-class, cloud-based technology and services that automate and simplify the tax compliance and reporting process.
“Convey fundamentally solves many of the same problems as Taxware,” said Andy Hovancik, CEO of Taxware and the combined companies. “Our company is now capable of expertly monitoring extensive and complex regulatory environments, developing and dynamically updating tax content, integrating with disparate enterprise applications, efficiently translating and storing data in a single relevant repository for reporting and reconciliation, and streamlining all facets of compliance reporting.”
Founded in 1986, Convey provides the most flexible, trusted, cloud-based tax information reporting solutions. Convey processed 250 million information returns in the 2014 tax filing season and is the leading filer of 1099 forms in the United States, serving nearly half of the Fortune 500, including 8 of the top 20 companies, 13 of the top 20 commercial banks, and 7 of the top 20 health and life insurance companies.
“Tax authorities here in the U.S. and abroad don’t make compliance easy. Tax information reporting is complex, difficult and constantly evolving. And it is receiving increasing global attention through IRS driven initiatives like the Affordable Care Act and Foreign Account Tax Compliance Act,” said Brian Provost, President and CEO at Convey. “Combining our expertise in cloud-based technology development with the best-in-class tax jurisdiction monitoring and content capabilities provided by Taxware results in a broad and unified solution for regulatory and compliance needs.”
Taxware provides sales, use and value added tax determination and compliance software as well as compliance outsourcing solutions to more than 1,200 customers. Taxware’s tax management solution integrates with a wide-array of ERP, e-commerce and POS systems.
With a comprehensive repository of more than 210 million tax rules, Taxware tracks and analyzes tax law and form changes in approximately 13,000 state and local jurisdictions in the U.S. and nearly 200 countries around the world. The company is known for having reliable and robust tax research and world-class technology. The combination of tax content, software and managed services provides clients with a single partner to achieve a new level of accuracy and compliance while dramatically streamlining global indirect tax operations.
For more information, please visit http://www.taxware.com.
For nearly thirty years, Convey has focused on providing technology tools and services to simplify and reduce costs related to tax information reporting. Convey is at the forefront of the industry for providing third-party reporting technology and services to over 2,000 clients. Convey’s flexible, cloud-based software and the guidance and focused experience of compliance experts have supported small companies and nearly half of the Fortune 500. Convey’s clients can rest assured that they’re complying with regulatory obligations and reporting efficiently and correctly, no matter the requirement or jurisdiction. Convey helps organizations reduce risk, improve operational efficiency and ensure client satisfaction by providing the clearest path to compliance.
For more information, please visit http://www.convey.com.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in San Francisco, Chicago and Austin, currently invests approximately $11.5 billion in cumulative capital commitments in dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing.
For further information please visit www.vistaequitypartners.com.