London, U.K. – January 5, 2010 – SpeedTax, a provider of Software-as-a-Service (SaaS), fully-automated sales tax management solutions, today announced it has secured a new round of private equity funding from Committed Capital, an international private equity and advisory firm with offices in London and Sydney, Australia.
The new funding round, finalized this month, represents the largest private equity investment in SpeedTax to date.
"Demand for sales tax automation tools has been building consistently for several years, and certainly since the first investment round by Committed Capital," said David Hearn, CEO of Committed Capital. "In tandem, the industry is maturing rapidly due to efforts by states to increase revenues from sales tax collection, and from awareness on the part of business owners that sales tax outsourcing is more affordable, accurate, and makes more business sense than in-house efforts. Our most recent and significant round of funding is based on several factors: our strong feeling that demand for the SpeedTax products will increase across businesses of all sizes; the existing lack of SST-certified sales tax solutions in the marketplace; and most importantly, the absence of another SaaS sales tax solution that delivers calculation, returns and remittance service, in addition to addressing areas such as Consumer Use Tax and reverse audits, as robustly as SpeedTax with the ability to effectively serve emerging to enterprise-level businesses."
"We're very pleased with the outcome of this latest funding round, and with the confidence it bestows on SpeedTax as a key player in the sales tax automation industry," said Anton Donde, SpeedTax CEO. "We continue to add staff in key areas in order to better serve new customers and meet anticipated demand in 2010. We're in process of linking to additional e-commerce platforms and ERP packages that will further extend our reach to businesses of all sizes, in addition to offering solutions in business-critical areas such as Consumer Use Tax and reverse audits. Our new round of funding will allow us to move more rapidly, with greater resources, to accomplish all of this and more."
For more information on SpeedTax on-demand services, visit www.speedtax.com, call us at 888.349.2441, or contact us via email at
pr@speedtax.com.
About SpeedTax SpeedTax is an easy-to-use, affordable and technologically advanced web-based (Software-as-a-Service) sales tax solution for businesses of all sizes. SpeedTax performs real-time sales tax calculations, provides automated returns preparation and filing, and integrates seamlessly with customers' financial or e-commerce systems. SpeedTax also offers reporting, treasury management and audit defense with sophisticated, web-based compliance management and executive dashboard tools. SpeedTax allows companies to outsource the researching, calculating, posting, reporting and remitting of sales taxes – while better managing their business via online, real-time access to sales tax data. For more information, visit
www.speedtax.com, or call us at 888.349.2441.
About Committed Capital Committed Capital is an international private equity and advisory firm committed to deploying both financial and Executive Capital™ resources to create superior, long-term underlying value increases in the businesses in which we invest our time and/or our money. At the core of Committed Capital is a team of experienced and talented business leaders and managers who have been exposed to a variety of experiences in international positions in global business. For more information, visit
www.commcap.com.
