|By PR Newswire||
|December 18, 2012 01:49 PM EST||
SALEM, N.H., Dec. 18, 2012 /PRNewswire/ -- Vista Equity Partners today announced it has completed its acquisition of the Taxware business from ADP in an agreement that was announced on November 6th, 2012. The Company will continue to use the Taxware name, a trusted brand in the sales, use and value added tax industry since 1979.
"We are excited that we are closing this transaction with ADP and acquiring a leading company in a growing market," said Robert F. Smith, Vista Equity Partners' Chairman and CEO. "Taxware provides us a great opportunity to combine Vista's proven operating philosophies, Taxware's great product offerings and a talented management team to deliver a great customer experience. We look forward to supporting the Taxware management team as they continue to grow the company and realize its full potential."
Taxware also announced the appointment of Andy Hovancik as the new CEO. For more than 21 years, Andy has served a variety of software and technology companies in key leadership positions. He most recently served as the President and COO at Solarsoft Business Systems, a provider of software for manufacturers, distributors, and wholesale businesses globally.
"This is an exciting time to be joining Taxware. As tax complexities and regulations increase, our clients rely on our tax solutions now more than ever. We will continue to build on our reputation of accuracy, reliability and technical expertise to continue serving the needs of our clients," said Andy Hovancik, Chief Executive Officer of Taxware.
In addition, Taxware will be led by experienced executives currently within the company, including Ken Zemba as Chief Technical Officer overseeing engineering, product management, and research, as well as new members including proven software executives Kevin Shone and Matt Grill as Chief Financial Officer and Chief Operating Officer, respectively.
Taxware, LLC ("Taxware") is a provider of sales, use and value added tax calculation and filing solutions to more than 1,200 customers. The Company's suite of end-to-end software and outsourced services provides organizations with a single partner to manage all aspects of the sales and use tax compliance process, from tax calculation and forms completion, to secure funds transfer to state and local revenue departments. At the foundation of Taxware's software suite is a powerful tax calculation engine that leverages the industry's most comprehensive repository of more than 210 million tax rules in 13,500 plus jurisdictions across more than 250 countries.
For more information, please visit www.taxware.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 $6.6 billion in capital committed to 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.
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