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TaxWise is expanding its product line beyond tax preparation software.
The fact that Primus Venture Partners, a Cleveland-based private equity firm, has just purchased Universal Tax Systems, publisher of TaxWise, won't change some important things. The senior management of UTS and its founding shareholders retain an equity interest in the company.
What Primus' involvement will change, through its $65 million purchase, is TaxWise's ability to invest in its product line by providing capital. "We intend to broaden our product offering for the accounting market beyond tax preparation to include an integrated suite," says Tom Hughes, senior vice president of sales.
Tax Wise started that process last year with the integration of its tax preparation software with the Client Write-Up program from PC Software. Accountants and tax preparers also gained access to check writing and before- and after-the-fact payroll, which enabled customers to integrate bookkeeping work with tax preparation in TaxWise.
"Integration reduces the amount of redundant data entry and streamlines the process for our customers who provide yearround...