DEERFIELD, Ill.–(BUSINESS WIRE)–July 20, 2006–MLM Information Services announced today the completion of the acquisition of Deloitte Tax LLP’s CORPTAX(R) Software and related services business.
On June 14, 2006, MLM Information Services entered into a definitive agreement with Deloitte Tax LLP (Deloitte Tax) to acquire the CORPTAX Software and related services business. Financial terms of the transaction were not disclosed.
CORPTAX is the leading tax software for corporations and partnerships, used by approximately 1,000 clients. Deloitte Tax acquired the business in 1996 and over the past 10 years has built the CORPTAX business into the market leader in large-company tax compliance and planning software and support. In 2001, the company launched CORPTAX ETS, a more sophisticated version of the CORPTAX software, and most recently has been on the forefront of development efforts as the IRS has mandated efiling for certain corporations. The businesses included in the transaction, Deloitte & Touche Tax Technologies LLC and Tax Technology Services, maintain operations in Deerfield, Illinois, Woodland Hills, California, and Dallas, Texas. Under the terms of the transaction, Deloitte Tax will be licensed to use all of the CORPTAX products under a long-term contract.
Deloitte Tax’s strategic decision to divest the business unit followed a careful analysis of the current regulatory environment and a review of strategic alternatives for the business.
Commenting on the closing, Mason Slaine, Chairman and C.E.O. of MLM Information Services LLC said, “We are very excited at the prospect of continuing the CORPTAX success story and will continue Deloitte Tax’s strategy of offering best-in-class products and support. We will further invest in the product so that now, under independent ownership, every customer who desires to use the product will be able to do so. We also look forward to serving Deloitte Tax going forward as they will now become one of our largest customers.”
MLM Information Services, LLC, was formed in 2005 to invest in information service companies with a long-term view to value creation. MLM is owned by Warburg Pincus, one of the world’s largest private equity firms, and Mason Slaine. Warburg Pincus, together with Mason Slaine, has established an equity line of financing of up to $250 million in capital for MLM to invest in information service businesses. MLM is managed by Mason Slaine, who in the past has successfully grown several businesses into market leaders, including Thomson Financial and most recently Information Holdings, Inc., which was sold to the Thomson Corporation in 2004. Warburg Pincus has more than $10 billion under management, and the firm is currently investing from an $8 billion fund which closed in August 2005. Throughout its 35-year history in private equity, Warburg Pincus has invested approximately $20 billion in more than 525 companies in 30 countries providing capital across a wide variety of stages and business cycles.
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, Deloitte delivers services in four professional areas — audit, tax, consulting, and financial advisory services — and serves more than one-half of the world’s largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.
As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” “Deloitte & Touche,” “Deloitte Touche Tohmatsu,” or other related names.
In the U.S., Deloitte & Touche USA LLP is the member firm of Deloitte Touche Tohmatsu, and services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, Deloitte Financial Advisory Services LLP and their subsidiaries) and not by Deloitte & Touche USA LLP. The subsidiaries of the U.S. member firm are among the nation’s leading professional services firms, providing audit, tax, consulting, and financial advisory services through nearly 30,000 people in more than 80 cities. Known as employers of choice for innovative human resources programs, they are dedicated to helping their clients and their people excel. For more information, please visit the U.S. member firm’s website at www.deloitte.com/us.
About CORPTAX, LLC
CORPTAX is one of the how much does it cost to become an advocare distributor leading developers and licensors of domestic and international corporate tax software systems. For more than 30 years, companies have relied on CORPTAX Software to help integrate and automate tax department processes, eliminate manual and redundant tasks, enhance data accuracy and quality, and dramatically improve planning and analysis capabilities.