Ryan today announced that it has acquired the key assets of Nickel & Company, a full-service real estate and personal property tax firm based in Tulsa, Oklahoma. The acquisition strengthens the market leadership position of Ryan’s Commercial Property Tax practice in Oklahoma and adds a team of seasoned property tax professionals to the largest property tax group in North America. The acquisition also adds a number of Fortune 1000 clients to Ryan’s premier client portfolio. Dennis Nickel, owner of Nickel & Company, will work with Ryan to seamlessly transition the Firm’s national clients.
“We are excited to grow our network of property tax experts in Oklahoma through the acquisition of Nickel & Company and its specialty landlord billing work, which will play an important role in our ability to offer a more comprehensive suite of value-added services to our property tax clients,” said Shane Moncrief, Ryan Principal and Commercial Property Tax Practice Leader. “Nickel & Company clients will benefit from Ryan’s robust national footprint and property tax expertise across North America.”
“My associates and I are excited to be joining forces with Ryan to provide world-class property tax services to our long-standing clients,” said Dennis Nickel, owner of Nickel & Company. “Ryan is the industry leader in client service, and our clients will see tremendous benefits from their expansive geographic presence backed by their unwavering commitment to client service excellence.”
“This acquisition supports our strategic growth plan to maintain and build on our market leadership position as the largest firm in the world focused solely on corporate tax services,” said G. Brint Ryan, Chairman and CEO of Ryan. “We are pleased to add the skilled professionals of Nickel & Company to the Ryan team and are dedicated to providing our new clients superior value and results.”
Abbey Tax, one of the UK’s leading tax fees insurer and independent tax consultancy to accountants, has acquired Gabelle LLP, the award-winning London-based specialist tax consultancy.
Established in 2011, Gabelle is one of the largest independent tax consultancy firms in the UK. The acquisition will see an expansion in the range of Abbey Tax’s consultancy services as it continues to support and complement the services delivered by its accountant client base. With the addition of Gabelle’s expert team, it will bring the number of Abbey Tax’s talented and highly experienced in-house tax and VAT specialists to more than sixty.
Christian Stobbs, Abbey Tax’s Managing Director, said: “Since its launch, Gabelle has developed a first-class reputation for tax expertise, providing highly complementary services to Abbey Tax’s work with accountants. Gabelle’s team of qualified professionals are thought-leaders in their field and in a short period the business has established an impressive portfolio of clients.
“Furthermore, with ever-increasing HMRC compliance activity and the legislative uncertainty around indirect taxation created by the EU referendum, the acquisition enhances Abbey Tax’s ability to stay at the forefront of tax legislation, providing authoritative expertise and support to our clients.”
Paula Tallon (pictured right), Managing Partner at Gabelle, said: “Abbey Tax is a great brand and has a fantastic reputation among accountants and professional groups. Its independence and principle of putting people and relationships at the heart of its activities, mean that it is a perfect fit with Gabelle’s own values and approach.
“The complementary nature of the two businesses makes Abbey Tax an ideal partner for Gabelle on its next stage of development. We look forward to working with the Abbey Tax team as we continue to build on our track record of forming long term relationships and using our collective expertise to provide tax advisory services to our clients.”
Gateley (Holdings) Plc has announced the acquisition of Capitus, a UK specialist tax incentives advisory business. Capitus, to be renamed Gateley Capitus, is the first acquisition that Gateley has made since its admission to AIM in June 2015.
Terms of the deal
Consideration payable comprises £1.59 million in cash, funded out of the Group’s existing cash resources and the issue of 1,122,753 ordinary shares in Gateley, which, based on Gateley’s closing share price on 8 April 2016, gives a total consideration of £2.72 million. The acquisition is being made on a net working capital neutral basis. Capitus is a profitable and well established business. In the year ended 30 June 2015, Capitus had revenues of £1.38 million and generated an operating profit of £593,000. The Board expects the acquisition to be immediately earnings enhancing.
Background to Capitus
Established in 1997, Capitus is a UK specialist tax incentives advisory business, advising institutional and professional investors on their commercial property transactions. Capitus co-founders, Kevin Meyer and Aubrey Calderwood have over 50 years’ combined industry experience. Capitus has offices in London, the Midlands, Northern Ireland and the Republic of Ireland, allowing it to serve the entire UK market, as well as providing its services to overseas projects. Capitus’ tax incentive advisory services extend to capital allowances, international tax depreciation, investment incentives (for regeneration and sustainability) and research and development tax reliefs.
In the capital allowances market, press sources have estimated that there are in the region of £96 billion of “unclaimed” allowances in the UK, illustrating the scale and financial significance of this allowance alone. It is a core market where Capitus has combined accumulated skills from two highly complementary disciplines, surveying and taxation expertise, to enable it to offer a premium specialist client service. Capitus’ management believe that recent changes to tax legislation in the UK will lead to further increased demand for expert advice in these areas.
The acquisition of Capitus is consistent with Gateley’s growth strategy to acquire businesses offering complementary professional and other specialist services to clients in Gateley’s target markets. Capitus has developed a strong blue chip client base of national and global companies which provide regular, repeat business. The addition of Capitus to the Group also provides Gateley with expertise in a range of tax incentives, opening up attractive and growing markets and diversifying the Group’s income streams. A number of new business opportunities have already been identified within the Group’s existing real estate and tax practices.
Gateley Capitus will operate as a wholly owned subsidiary of the Group with its own existing dedicated management team and employees. An operating board, made up of senior management from both Gateley and Capitus will oversee the ongoing delivery and development of the business.
Commenting on the acquisition, Michael Ward, CEO of Gateley, said:
“I am delighted to welcome Capitus to Gateley; its addition to the Group is in line with the strategy we outlined at flotation last June, to make selective acquisitions which offer complementary specialist services. Capitus is a recognised and highly respected tax incentives advisory business and I am particularly excited by the additional expertise and cross referral opportunities the business will bring to the Group.”
Commenting on the acquisition, Kevin Meyer and Aubrey Calderwood (pictured), co-founders of Capitus said:
“This is a very exciting opportunity for Capitus. It provides us with an excellent platform for our continued growth and allows us to expand the range of services that we offer. We have, for some time, realised that having access to high quality legal expertise, particularly in the areas of real estate, construction and tax, would enhance the quality of services that we can offer our clients. Our tie up with Gateley, which we believe to be the first between an RICS regulated firm and a full service national law firm, gives us access to this expertise and provides us with many additional commercial opportunities. We are confident that this shall help us achieve our aim of becoming the number one fiscal incentives practice in the UK.”
AJ Galdeano Consulting has joined Ernst & Young, the EY member firm in Brazil, to expand its tax services. The focus is on accounting compliance and reporting as well as business process outsourcing. AJ Galdeano’s capabilities span accounting, treasury, tax and payroll functions to complement EY services offered across the Americas.
“Anticipating long-term growth in the Brazilian economy, EY is building Tax capabilities to provide a full range of services for clients growing and investing in the country moving forward,” said Kate Barton, EY Americas Vice Chair, Tax Services. “The current economic environment is likely to rebound, rewarding those who had the vision to selectively strengthen their talent and resources. EY firms currently offer Accounting Compliance and Reporting Business Process Outsourcing (ACR BPO) in 150 countries with 2,100 dedicated global professionals.”
“These services play an increasingly important role in Brazilian companies’ operations,” said Tatiana da Ponte, Tax Managing Partner for EY Brazil. “The acquisition allows EY Brazil and the larger network of EY firms to provide a more comprehensive suite of services to clients in the geography.”
AJ Galdeano will become part of the EY Brazil Global Compliance and Reporting team, adding 61 professionals in Sao Paulo and Rio de Janeiro while continuing to serve its 34 legacy clients including public companies, large multinationals and fund management firms.
BDO has announced the appointment of Tokyo XBorder Tax Co. (TXB) as the new tax firm in Japan. TXB was most recently a member of the RSM international network, but has also been affiliated with BDO in the past. The timeline of the Firm is as follows:
October 2002: Established Sanyu Tax Co.
December 2009: Changed firm name to BDO Tax Co.
January 2013: Changed firm name to Tokyo XBorder Tax Co.
April 2013: Merged with Murayama & Co. and joined RSM International network
October 2015: Changed firm name to BDO Tax
TXB will change its name to BDO Tax and become a BDO Member Firm on 1 October 2015. The firm will commence with 3 partners and 40 staff, specialising in international tax, expatriate tax, transfer pricing, bookkeeping, tax inheritance, payroll and social insurance services.
BDO Tax Co. will provide complementary services to those offered by the existing two BDO audit firms operating in Japan, BDO Toyo & Co and BDO Sanyu & Co.
BDO Tax Co. Managing Partner Nobuyuki Nagamine commented “I am particularly pleased to be returning to the BDO network and to have the opportunity, together with my team, to work alongside BDO firms to provide exceptional tax services to our clients”.
Nobuyuki has provided extensive tax and audit professional services to Japanese companies in the US and Japan for the past 30 years. In the United States he headed up practice development efforts as the Partner-In-Charge of the Midwest Area of Japanese Practice for KPMG LLP.
Stephen Darley, CEO of BDO Asia Pacific said: “The BDO network and our member firms in Japan work cohesively together with a common purpose and one vision – to be the leaders for exceptional client service. The addition of BDO Tax Co. completes our full professional services offering in Japan under the BDO name and brand, benefiting BDO Member Firms and their clients alike.”
Avalara today announced that it has acquired VAT Applications NV (iVAT), the developer of the iVAT suite of VAT compliance software and services for businesses of all sizes.
Based in Belgium, iVAT is an important acquisition for Avalara as it expands its global reach and accelerates its ability to provide accurate VAT content to support merchants in Europe and worldwide.
“This deal is a great win for Avalara and businesses dealing with the burdens of tax compliance around the world,” said Scott McFarlane, founder and CEO of Avalara. “Our goal is to offer the most comprehensive portfolio of cloud-based tax compliance solutions on the planet, and adding the iVAT portfolio is a big step in that direction.
“Over the past 14 months Avalara has extended its leadership in the US sales tax compliance industry with acquisitions of leading content and technology providers for US telecommunications, hospitality, fuel and other excise taxes, digital goods, as well as internationally with the addition of Brazil and now European VAT,” McFarlane continued. “We have surpassed every competitor that existed when we began disrupting this marketplace more than 10 years ago and now stand alone in the market with the breadth and depth of our coverage.”
iVAT offers a comprehensive array of VAT determination and compliance solutions, including a cloud-based tax determination and invoice preparation solution and an automated VAT compliance service for filing returns in all EU countries in the required formats and appropriate languages. iVAT customers range from small and medium enterprises to some of the largest firms in Europe. Although iVAT solutions will improve Avalara’s determination service offering – Avalara already provides calculation in more than 190 countries worldwide – the major advance comes from the addition of automated compliance services, alleviating significant burdens for any international business.
“As a market leader for cloud-based tax compliance automation, Avalara is an ideal match for VAT Applications,” said Prof. Patrick Wille (pictured), founder and CEO of iVAT and a recognised expert in VAT legislation. “Our extensive library of statutory tax content incorporates the rules and provisions that govern the determination of the applicable VAT regime. Joining forces with Avalara will help advance our business and meet the demands of today’s fast-growing global marketplace.”
“Filing VAT returns for goods and services sold in a single EU country is pretty straightforward, but cross-border transactions are extremely complex,” said Richard Asquith, vice president of Global Tax at Avalara. “We are very excited about extending the reach of iVAT to help businesses of all sizes reduce the risks and simplify the complexities inherent in this process.”
FTI Consulting has announced the further expansion of its European tax advisory team, with the addition of nine professionals, including one Senior Managing Director and two Managing Directors, from Global VAT Compliance BV, an indirect tax specialist firm based in The Hague, Netherlands. Terms of the transaction were not disclosed.
Global VAT Compliance BV provides high quality, international tax advice to medium-sized and large multinational companies, covering every aspect of VAT compliance including registration, representation and reporting.
Marvin Rust, Head of European Tax Advisory Services at FTI Consulting said, “We are delighted with the expansion of our tax advisory team. The addition of Global VAT Compliance’s centralised processes and state of the art technology enables us to offer the full range of VAT and tax services, and further enhances our offering to our clients who seek a real alternative to the Big 4.”
Henk Hop, CEO of Global VAT Compliance, BV, will be joining FTI Consulting as a Senior Managing Director. Commenting on the transaction Mr. Hop said, “We are bringing a top class tax team and client base to FTI Consulting. We look forward to combining the strength of our expertise with FTI Consulting’s global outreach and breadth of services, offering our clients a broad spectrum of services and support.”
Mr Rust and Mr Hop were both tax partners at Arthur Andersen and then Deloitte, post transaction.
Avalara, Inc., a leading provider of cloud-based software delivering compliance solutions related to sales and excise tax, VAT, and other transactional taxes, has announced that it has acquired EZtax®, Inc., a leading provider of tax compliance solutions for the telecommunications industry.
The $5.6 trillion worldwide telecom market1 is subject to multiple tax laws and regulations that are highly complex and constantly changing. EZtax offers cloud-based solutions that address this complexity. The company’s flagship product, also called EZtax, provides telecom service providers with a fully automated tax solution for accurately calculating and filing taxes due on their services across the US and Canada.
“As the telecom industry rapidly adopts more data-centric services such as VoIP, broadband and wireless, tax agencies are actively considering legislation that could impose additional tax liabilities on an already highly taxed and complex industry,” said Scott McFarlane, founder and CEO of Avalara. “EZtax eliminates these complexities and advances our strategy of helping customers in every industry to simplify and automate tax compliance in cloud-based solutions.”
“As a market leader for cloud-based tax compliance automation, Avalara is the perfect complement for EZtax and our customers,” said Tim Lopatofsky, founder and CEO of EZtax. “Their platform, vision, and highly-effective sales and marketing engine will help accelerate our business and meet the demand in the fast-growing worldwide telecom market.”
Over the past decade, Avalara has developed, purchased or licensed databases containing extensive tax data and knowledge related to sales tax, exemption certificates, excise tax, VAT and other transactional taxes. This acquisition servicing the telecom industry is Avalara’s latest move to broaden and deepen its tax content.
“EZtax offers an extensive tax library that supports thousands of telecom services worldwide,” said McFarlane. “Tax data is updated on a continuous basis by a team of experienced telecom tax experts who understand the complex rules and regulations to keep pace with changes that are required for compliance. We look forward to leveraging EZtax’s expertise and content to extend our reach, and help make compliance easier and more accurate for telecom service providers worldwide.”