Bowmark Capital takes London-listed Tax Systems private at £114m valuation

Mid-market UK buyout house Bowmark Capital has completed a take-private deal for AIM-listed Tax Systems which values the company at £114m.

Tax Systems, which was founded in 1991, specialises in corporate tax software and services which automate the end-to-end tax compliance process.

Its clients include a large proportion of the FTSE 250 and 23 out of the top 25 accounting firms.

Bowmark managing partner Charles Ind said, “We have been tracking the company for a number of years and are delighted to be supporting Gavin Lyons and his team.

“Tax Systems has an enviable position as a trusted partner to the majority of the UK’s largest corporates and accounting firms.

“We look forward to supporting the team as they capitalise on the opportunities arising from the digitilisation of tax compliance.”

Bowmark Capital shrugged off ongoing fears over the UK’s split from the European Union by racing to a £600m final close for its sixth flagship fund in January.

The firm took just 10 weeks to strike a final close for Bowmark Capital Partners VI, which finished 60 per cent larger than the firm’s £375m fifth fund closed in 2014.

Bowmark recently announced the buyout of Pirum Systems, a provider of post-trade market infrastructure technology for the global securities finance industry.

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