Deals



Tax Systems Plc Acquires OSMO Data Technology Limited


Posted: 4th April 2017 08:30

Tax Systems, a leading supplier of corporation tax software and services is pleased to announce that it has acquired the entire issued share capital of OSMO Data Technology Limited  in return for the issue of 4,701,492 new ordinary shares of 1 penny each in the capital of the Company, which, at the mid closing price as at 3 April 2017, represents a value of £3.2 million. In addition the Company announces certain board changes.  

Highlights

Acquisition

Board Changes

* Adjusted for capitalisation of research and development costs in line with Tax Systems' policy

Gavin Lyons, CEO of Tax Systems, commented:

"The acquisition of OSMO and the strengthening of the Board are key steps in the development of the Company.

With regards to the Acquisition, tax departments are under increasing pressure to manage tax risk, leverage tax data and automate as much of the end to end tax reporting and compliance process as possible.  OSMO's software is an excellent solution to help ease the manual workload associated with gathering data from accounting systems; this is a critical task which consumes a substantial amount of time and cost. Tax departments will be able to use the OSMO solution to automate data collection, free up expert tax resources and help them prepare for HMRC's 'Making Tax Digital' programme.

In addition, I am excited to accept the role of CEO having been Executive Chairman since the re-admission to AIM in July 2016. I am also very pleased to welcome both Kevin and Paul to the board, both of whom have strong backgrounds in the technology sector, and wish Grahame all the best for his future endeavours.


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