CrossBorder Solutions, a provider of corporate tax software and services, has raised $6 million in Series A funding. Kennet Partners led the round.
December 12, 2017 – Menlo Park, CA; Tarrytown, NY: CrossBorder Solutions, a leading worldwide provider of corporate tax software and services, announces it has secured $6M Series A funding led by Kennet Partners. The capital will aid the Company as it continues to grow out its worldwide footprint and product suite.
“At CrossBorder Solutions, our goal is to leverage technology to help multinational corporations comply with the worldwide transfer pricing regulations in a comprehensive, cost efficient manner” said Donald Scherer, CEO and Co-Founder of the Company. “By employing powerful software, companies worldwide are in the position to ensure compliance on a worldwide basis in a consistent fashion which dramatically lowers their audit exposure and compliance costs.”
The founders of CrossBorder Solutions, Donald Scherer and David Bukovac, already made their mark in the New York tech community and were previously the CEO and COO of a similar tax software company. The first iteration of CrossBorder Solutions was acquired by Thomson Reuters for $80M in 2007. “The new and second iteration of CrossBorder Solutions has quickly become a leader in its field once again” said Javier Rojas, Board Member and Managing Director at Kennet. “We applaud teams that work together in consecutive high growth successes and are excited to work with Donald and David to help as they grow the company with new products, strategic partnerships, and innovative software” he added.
The Series A funding announcement precedes the launch of the Entity360 platform which helps multinational corporations manage the tax position of each of their legal entities on a worldwide basis. The new worldwide BEPS compliance requirements make this a timely product launch.
About CrossBorder Solutions
Founded in 2016, CrossBorder Solutions employs technology to help multinational corporations comply with worldwide transfer pricing regulations. The Company produces the required documentation that insulates companies from costly penalties. For more information please go to: www.xbsolutions.com
About Kennet Partners
Established in 1997, Kennet is a growth equity investor that invests in bootstrapped, fast growing companies providing information technology products and business services that leverage technology. Kennet currently has over $700 million under management and has offices in London, Frankfurt and Silicon Valley. For more information please go to: www.kennet.com