GCA becomes part of Houlihan Lokey


Financing volume in Q1 ‘19 is on pace to exceed financing volume in Q1 ’18; M&A volume in Q1 ’19 is set to exceed Q1 ’18 volume due to Hellman & Friedman’s $11B acquisition of Ultimate Software and ThomaBravo’s $3.7B acquisition of EllieMae

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Sector Report: Financial Technology March 2019

Contact: Chris Gough

This month’s sector report includes a case study on Bowmark Capital’s public to private takeover of Tax Systems, an updated FinTech public company landscape, a FinTech sub-sector analysis and key operating statistics, FinTech company valuations and selected recent growth equity and VC activity.


GCA advised Bowmark Capital on its public to private takeover of Tax Systems

Transaction Summary

  • On March 25, 2019, Bowmark Capital announced that it had completed the acquisition of Tax Systems plc (“Tax Systems” or the “Company”)
    • The transaction values Tax Systems at £114M ($142M)
  • Headquartered in the United Kingdom, Tax Systems is a leading provider of tax software and services for corporations in the United Kingdom and Ireland
  • Tax Systems listed on the AIM market via a reverse takeover in July 2016
  • Bowmark Capital is a private equity firm with extensive experience investing in growth companies. Founded in 1997, Bowmark manages and advises funds totaling £1.5B ($1.9B)
  • GCA acted as exclusive financial advisor to Bowmark in connection with the transaction

Strategic Rationale

  • Tax Systems’ portfolio of solutions automates the end-to-end tax compliance process, enabling the Company’s clients to increase the accuracy of their tax reporting, reduce the risk of non-compliance and free up the tax function to focus on value-adding tasks
  • Clients include a large proportion of the FTSE 250 and 23 out of the top 25 accounting firms
  • Bowmark is investing alongside the current management team to support the company’s continued expansion
  • Bowmark’s investment will enable the Company to accelerate the development of new products and services
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