LNC Partners has acquired tax software developer CrossLink Professional Tax Solutions from the existing ownership.
LNC initially partnered with CrossLink CEO Reynold Sbrilli six years ago, and following the acquisition, Sbrilli and the executive team will continue to run the day-to-day operations.
California-based CrossLink offers a suite of tax preparation software products that can support the various taxing procedures both large and small organisations. Solutions available include tax management, remote signature capture, e-signing, tax preparation mobile app, document scanning and storing, offsite storage and text communications.
CrossLink helps professional tax prepares to grow their businesses, regardless of their size, and helps to create fast and accurate tax returns.
Sbrilli said, ?In order to continue growing CrossLink and its leadership position in the professional tax software marketplace, we saw the need for a new partner that could help us unlock the true growth potential of our business. LNC is a natural fit for us as they are committed to working with our executive team and investing for the betterment and growth of the business.p>
LNC Partners looks to make investments of up to $25m across the financial and insurance services, healthcare, manufacturing and business information markets. The firm looks to invest in companies that have at least $10m annual revenue, $2m annual cash flow and have consistent and high returns on net assets and invested capital.
Earlier in the year, tax compliance solution LumaTax closed a $3m investment round led by Cowboy Ventures to support the growth of its product into new markets.
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