Tax Computer Systems Limited

Written on 9 September 2016

Dave Evans and the audit team at WSM recently acted as a key advisor in a multi million pound acquisition with audit client Tax Computer Systems Limited (TCSL). On 26 July 2016, the Surrey and Dublin based company was acquired by Tax Systems PLC and listed on the AIM Stock Exchange.

The acquisition was funded by a consortium of institutional investors, led by technology merchant bank MXC Capital with participation by Business Growth fund, providing £10m structured investment to support long term growth. The fundraising exceeded £55m alongside the senior debt of £20m.

TCSL was a leading Corporation Tax software business with a blue chip customer base, including 43 of the FTSE 100 and 19 of the top 20 UK accounting firms.

WSM undertook the audit of the TCSL accounts for the year ended 31 December 2015 prepared under International Financial Reporting Standards (IFRS) and were instructed to prepare the IFRS conversions for prior years required as part of the AIM listing process.