Tax technology as a commodity for tax professionals globally
AMSTERDAM, January 17, 2019 – TaxModel, the leading Dutch based international tax software provider, today announced it has received its series A funding from Newion Investments on December 24th.
TaxModel is focused on automating international direct tax workflows with regard to transfer pricing, tax provisioning, forecasting and supporting tools. The company was founded in 2005 by Hank Moonen, with the mission to make tax technology a commodity for tax professionals globally.
Hank Moonen, CEO TaxModel: “We have strategic partnerships and client relationships with a number of top-notch global tax service providers such as Baker McKenzie, Deloitte, Dentons, Grant Thornton, PwC, and Taxand, and we hold licenses with various large, medium and small cap Dutch based and foreign multinationals. These clients validated our vision and enable TaxModel to grow from a thought leader to a product leader. The new funding will be used to further develop our platform and to expand marketing & sales.”
Newion Investments is a leading investor, focused on European business-to-business software companies with a global ambition and well known for its investments in the SaaS sector, among which Collibra, Mirror42 (acquired by ServiceNow) and Instant Magazine.
“We are impressed by TaxModel’s vision and solutions. Hank Moonen and his team are unique in the combination of in-depth IT and tax knowledge. Customer reviews and market studies underline their growth potential”, says Frank Claassen, Managing Partner Newion Investments.
With its solutions, TaxModel innovates the services tax professionals provide to their clients in terms of tax compliance, facilitates improved cost-benefit ratios of tax advice, and the data analytics capabilities allow a better insight in tax data. At the same time TaxModel’s solutions meet the demands from society when it comes to transparency on tax and behaviour change.
Tax authorities are increasingly using technology to collect reportable information and to audit tax return filings. As a consequence, authorities require more in-depth consistent and auditable data to prove these filings are correct. This results in more pressure on tax professionals to assist clients with regard to repetitive work streams around tax compliance and reporting. The repetitive and commodity nature of these efforts calls for high quality solutions.
About Newion Investments
Newion Investments is a leading Amsterdam based investor, focused on European business-to-business software start-ups and scaleups with a global ambition. The company was founded in 2000 and is based in Amsterdam. Newion has invested in 70+ companies, among which: Collibra, iWelcome, Reasult, 24iMedia, Nallian, Instant Magazine, CustomerGauge, L1NDA, The Next Ad, Oxynade, Swipeguide, Roadmap, RexAI, DataStories, and Playpass. Newion has exited companies like Oxxio, Mirror42 and Q-go.
Newion III is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI), set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to finance.
Visit www.newion.com for more information.