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International private equity firm, Cinven will acquire TaxAct for approximately $720m. Following closing of the transaction, Cinven will bring the business together with existing portfolio company Drake Software under a single holding company. This will create a full-service tax ecosystem provider with the scope to use the resources and shared principles of the combined businesses to innovate and support their complementary professional tax preparer and individual tax filer customer bases.
"Since investing in Drake in 2021, Cinven has set out to support the Company's growth plans, including expanding its presence in the professional tax preparation market, renewing its technology platform and enhancing its product offerings for the benefit of Drake's tax professional customers. The addition of TaxAct's consumer tax preparation platform will further strengthen Drake's capabilities to anticipate and serve the needs of all types of customers as today's tax landscape becomes increasingly sophisticated. This transaction exemplifies Cinven's track record of working with companies to support their growth and capability expansion strategies, creating better products for customers and increasing opportunities for employees."
https://www.prnewswire.com/news-releases/cinven-to-acquire-taxact-301664396.html?stream=top
