New York, New York – September 11, 2006
MLM Information Services, LLC (“MLM”), a company wholly-owned by Warburg Pincus and Mason Slaine, today announced the acquisition of Tax Compliance, Inc. (“TCI”) located in San Diego, California. TCI, through its flagship software product, Property Tax Management System (“PTMS”), is the leading provider of corporate property tax compliance software. Terms of the transaction were not disclosed.
TCI was founded in 1993, and its PTMS product is the leading commercial personal and real property tax software for U. S. corporations. In July 2006, MLM acquired CORPTAX, the leading software product for corporate income tax compliance.
“TCI and its flagship software system, PTMS, are exciting additions to MLM’s growing portfolio of tax compliance solutions,” said Mason Slaine, Chairman and CEO of MLM. “In TCI and CORPTAX, MLM now offers customers leading software products in two critical categories of corporate tax compliance – property tax and income tax, respectively. The TCI team has done an impressive job creating an outstanding product, a market-leading brand and a valuable base of loyal users, and we are delighted to welcome them to the MLM team.”
Carl Melcher, founder and Chairman of TCI, added: “MLM is an ideal partner for TCI. We are confident that MLM can provide the appropriate resources and support to build on TCI’s successes to date. We believe that the combination of TCI’s leading property tax product, PTMS, and MLM’s leading income tax software, CORPTAX, is a great opportunity for our customers and employees.
Following the acquisition, TCI and CORPTAX together will serve more than 1,200 customers. Carl Melcher will remain Chairman of TCI, and Scott Strauss, currently TCI’s Executive Vice President, will assume the role of Chief Executive Officer of TCI.
Jefferies Broadview, a division of Jefferies & Company, Inc., acted as TCI’s financial advisor.