Bowmark completes £114m take-private of Tax Systems

Under its new ownership model, Tax Systems will invest in product development in response to the UK revenue and customs department (HMRC) rolling out its initiative to digitalise the processes used by companies to report tax.

The development comes a month after the directors of Tax Systems recommended that shareholders accept a £100.6m offer from Bowmark.

Bowmark recently held a final close for its sixth fund, Bowmark Capital Partners VI, on its £600m target after just 10 weeks on the road. However, Unquote understood at the time that the vehicle's predecessor would still make a couple of deals before Bowmark starts deploying the latest vehicle.

Company
Founded in 1991, Staines-based Tax Systems offers corporation tax technology and services to businesses in the UK and Ireland. Its offering automates the end-to-end compliance process and aims to reduce operational risks. It posted revenues of £8m for H1 2018, with a gross margin of 92% and a 46% adjusted EBITDA margin (£3.7m in the same period). For the full 2017 year, Tax Systems generated a turnover of £15m with a £7m EBITDA.

People
Bowmark Capital – Charles Ind (managing partner).
Tax Systems – Gavin Lyons (CEO).

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