Zenwork Takes on First Funding With $163 Million Led by Spectrum Equity

Company’s Tax1099 and Compliancely Solutions Remedy Dynamic Tax and Compliance Problems

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Nov 9, 2021 00:01 EST

Zenwork, a primary company of digital tax compliance and regulatory reporting software for businesses in all places, currently declared that it has closed a $163 million minority progress fairness transaction led by Spectrum Equity, a major expansion equity agency centered on world-wide-web-enabled program and information and facts companies providers. The financial commitment will permit Zenwork, functioning below the Tax1099 and Compliancely brands, to speed up merchandise innovation and fulfill developing business demand from customers for fashionable, automatic engineering answers that deal with regulatory compliance and electric power digital filing and info management.

Zenwork helps firms everywhere you go deal with compliance at a time when switching state and federal mandates and a surge in the gig economic system workforce have established new, intricate tax reporting burdens. The corporation gives its shoppers modern-day, value-efficient answers that transform useful resource-intensive, guide procedures into hugely automated, electronic activities. Zenwork presently serves more than 100,000 little corporations nationwide, including 30,000 CPA corporations, as nicely as large enterprises. The corporation has been escalating promptly, including 40,000 new shoppers in every single of the very last two decades and processing thousands and thousands of electronic filings and above 12 million business identification and compliance checks per year on behalf of its shopper base.

Sanjeev Singh, Zenwork’s co-founder and CEO, stated, “We are thrilled to associate with Spectrum Fairness, whose practical experience scaling RegTech software program and data organizations will aid us navigate this next expansion chapter. Zenwork will be investing greatly in our Tax1099 and Compliancely platforms as we glimpse to be the digital tax compliance associate of preference to all enterprises.”

Zenwork assists organizations manage tax compliance for independent contractors, suppliers, and suppliers nationwide. A quick-increasing area of work in the U.S. economic climate, unbiased contractors demand important, ongoing federal and condition tax informational reporting. Zenwork’s Tax1099 presenting is an IRS-accepted, cloud-dependent system that automates e-filing and e-supply of IRS and state kinds, including 1099s, 1095s, W-2s, and much more. Tax1099 drives sizeable electronic workflow and automation rewards for corporations of all sizes and CPA companies submitting on behalf of business clients, and is rapid turning out to be the companion of option for large digital corporations on the lookout for a modern-day, API-native solution. Compliancely is Zenwork’s latest platform powering authentic-time business identity verification and tax compliance checks, with substantial momentum addressing business onboarding and compliance checks for some of the world’s premier, most refined e-commerce and payments vendors.

“As a bootstrapped firm, Zenwork has realized extraordinary good results to date by focusing relentlessly on the electronic tax reporting and onboarding prerequisites of its numerous client base,” reported Adam Margolin, Handling Director at Spectrum Fairness. “With tens of millions of organizations subject matter to tax informational reporting and probably to undertake e-submitting more than the coming several years, we see a large opportunity for Zenwork to make on its industry leadership posture by product investments and innovation. With this important new expense, we look forward to partnering with Sanjeev and the rest of the Zenwork workforce on their formidable advancement strategies.”

In conjunction with the transaction, Adam Margolin and Cameron Ghorbani of Spectrum Equity will sign up for Zenwork’s board of administrators.

Latham & Watkins LLP served as legal advisor to Spectrum Equity. Kutak Rock LLP served as legal advisor and Vista Issue Advisors acted as fiscal advisor to Zenwork.

About Zenwork

Zenwork, through its Tax1099 and Compliancely brands, is a quick-growing digital tax compliance and regulatory reporting technology business, with 10+ many years of knowledge powering informational tax returns and compliance checks on behalf of its consumer base. The organization at this time serves over 100,000 clients nationwide, such as 30,000 CPA corporations, as nicely as organization shoppers. Discover more about Zenwork at www.zenwork.com, www.tax1099.com and compliancely.com.

About Spectrum Fairness

Spectrum Fairness is a top development fairness company delivering money and strategic aid to modern businesses in the information economy. For about 25 several years, the business has partnered with remarkable business people and administration teams to construct very long-expression value in market place-leading Net-enabled software program and data services firms. The company is investing its ninth fund with $1.5 billion in money. Representative investments contain Ancestry, Bats World-wide Markets, Definitive Health care, GoodRx, Grubhub, Kajabi, Lucid Program, Lynda.com, SurveyMonkey, and Verafin. For a lot more facts, like a finish record of portfolio investments, pay a visit to www.spectrumequity.com.

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Resource: Zenwork

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