SpeedTax, a provider of Software-as-a-Service automated sales tax management solutions, has secured a round of private equity funding from Committed Capital, an international private equity and advisory firm with offices in London and Sydney.
The new funding round represents the largest private equity investment in SpeedTax to date.
“Demand for sales tax automation tools has been building consistently for several years, and certainly since the first investment round by Committed Capital,” says David Hearn, chief executive of Committed Capital.
“In tandem, the industry is maturing rapidly due to efforts by states to increase revenues from sales tax collection, and from awareness on the part of business owners that sales tax outsourcing is more affordable, accurate, and makes more business sense than in-house efforts. Our most recent and significant round of funding is based on several factors: our strong feeling that demand for the SpeedTax products will increase across businesses of all sizes; the existing lack of SST-certified sales tax solutions in the marketplace; and most importantly, the absence of another SaaS sales tax solution that delivers calculation, returns and remittance service, in addition to addressing areas such as Consumer Use Tax and reverse audits, as robustly as SpeedTax with the ability to effectively serve emerging to enterprise-level businesses.”
“We’re very pleased with the outcome of this latest funding round, and with the confidence it bestows on SpeedTax as a key player in the sales tax automation industry,” adds Anton Donde, SpeedTax chief executive. “We continue to add staff in key areas in order to better serve new customers and meet anticipated demand in 2010. We’re in process of linking to additional e-commerce platforms and ERP packages that will further extend our reach to businesses of all sizes, in addition to offering solutions in business-critical areas such as Consumer Use Tax and reverse audits. Our new round of funding will allow us to move more rapidly, with greater resources, to accomplish all of this and more.”
