Cinven

[powell777]

Cinven, who originally invested in Drake Software in early 2021, announced an agreement today to acquire the tax preparation software company TaxAct.

 

What will that mean for us drake users?

 

[Lee B]

Excerpted from Drake's email announcement:

"I hope this finds you well as we all head into fall and get ready for the upcoming tax season. I want to share with you that Cinven, who originally invested in Drake Software in early 2021, announced an agreement today to acquire the tax preparation software company TaxAct.

Today’s announcement also mentions that Drake and TaxAct will be brought together under a single holding company through our common ownership by Cinven. Drake and TaxAct will continue to operate under their own brands and, collectively, we will scale our offerings and enhance our ability to provide comprehensive, industry-leading services. Over time, we anticipate that exchanging insights with another reputable, experienced tax software brand will strengthen our business and suite of professional solutions that our valued customers rely on to run successful tax practice."

[Lee B]

See the post titled, "What will happen to Drake?"