Tax software and services company CrossBorder Solutions has netted $6m in its Series A rounds led by Kennet Partners.
Founded in 2016, CrossBorder Solutions utilises technology to help multinational corporations comply with global transfer pricing regulations in a simply way. The solution creates the necessary documents that insulate companies from penalties.
The platform provides master file production, local documentation creation, CBC reporting, and comparable searches.
Capital from the round will be used to increase is global footprint and its product offering. This burst of funding comes ahead of the company’s planed launch of the Entity360 solutions, which helps global businesses to manage the tax position of their legal entities.
The new solution is set to help companies with the BEPS (Base Erosion and Profit Sharing) regulation, which launched in July 2013. BEPS was implemented to help counter tax avoidance tactics that exploit gaps and mismatches to artificially move profits to locations with low/no tax.
CrossBorder CEO and co-founder Donald Scherer said, “By employing powerful software, companies worldwide are in the position to ensure compliance on a worldwide basis in a consistent fashion which dramatically lowers their audit exposure and compliance costs.”
The first iteration of CrossBorder Solutions was bought by Thomson Reuters for $80m in 2007.
Earlier in the year, Kennet Partners co-led the $25m growth investment into SaaS-based financial solutions platform Rimilia. The company helps teams with accounts receivable, bank reconciliation, cash allocation/application, cash forecasting, credit management and e-commerce reconciliation.
Last year, the firm injected $10m into the bookkeeping technology business Receipt Bank. The London-based company raised a $50m Series B earlier this year to support the development of its product.
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