Tax Systems Acquires Loctax to Expand Tax Compliance Platform

Tax Systems has acquired Loctax for an undisclosed amount, signifying a strategic expansion in the corporate tax technology sector.

This transaction represents a direct acquisition of Loctax by Tax Systems, aiming to enhance the acquirer's suite of offerings.

Loctax is known for pioneering the first-ever collaborative tax compliance, risk, and governance platform specifically tailored for global in-house tax teams.

The platform functions as a comprehensive control centre for global tax operations, enabling multinational companies to digitalise their tax functions.

It achieves this by bringing together internal and external stakeholders, thereby helping organisations gain full control over a wide array of tax responsibilities, including compliance obligations, risk management, advisory projects, and audits.

Furthermore, Loctax facilitates clear communication regarding a company's total tax contribution.

The acquisition is a strategic move for Tax Systems, a leading provider of professional tax solutions, to integrate Loctax’s innovative collaborative platform into its existing product ecosystem.

This integration is expected to yield substantial synergies, enabling Tax Systems to broaden and deepen its capabilities, particularly for large multinational clients navigating complex global tax landscapes.

By combining Loctax's advanced features for control and multi-stakeholder collaboration with Tax Systems’ established expertise in tax software, the acquiring company aims to provide a more comprehensive and streamlined solution for corporate tax departments.

This move is anticipated to significantly strengthen Tax Systems' footprint in the competitive tax technology market.

The combined entity will offer an enhanced platform designed to provide tax professionals with greater transparency, efficiency, and control over their tax operations.

The goal is to empower clients with advanced tools that simplify the management of increasingly intricate regulatory environments and optimise their overall tax function.