Addlestone-based tax SaaS company BTCSoftware has been acquired by accounting, practice management and payroll software provider Bright Software Group.

Established in 1999 by Rob Ellis and Ian Katté, BTCSoftware develop software for accounting professionals to help with accounts production, corporation tax and self-assessment tax return. In 2018, it launched BTCHub, which helps accounts comply with Making Tax Digital VAT regulations and features integration with HMRC and Companies House.

Since starting up in 2021, Bright Software Group has collated a range of products under its brand, integrating teams from both the UK and Ireland along the way. Bright’s software offering includes BrightPay Payroll Software, Thesaurus Payroll Manager, Surf Accounts Production, AccountancyManager, and now BTCSoftware.

Kevin McCallum, Chief Executive Officer of Bright, said: “This acquisition is another key milestone for Bright, and BTCSoftware’s tax offering adds another all-important solution to our portfolio. It joins Bright with a well-renowned reputation across its customer base and throughout the wider industry. Its ethos of innovation, its value placed on customer support and its understanding of tax, accounting and what firms and accountants need, is second to none.

“It’s why we chose BTCSoftware to be the latest solution to join Bright and help us hit our goal of delivering an end-to-end cloud practice suite with compliance tools for the UK and Irish markets. I’d like to thank all those involved for their support in completing the acquisition.

“We’re looking forward to welcoming the BTCSoftware team into the Bright fold, and we know that their expertise and knowledge of tax software will be a fantastic addition to the amazing talent we already have on offer.

“With Bright’s backing, we can continue to help make tax easy for accountants and bookkeepers. One of our first important steps will be to support the rollout of the BTCSoftware MTD for Income Tax Self-Assessment solution, combining their expertise in Making Tax Digital with our resources to bring a product to ease the process for accountants and their clients.”

The acquisition will see BTCSoftware’s Rob Ellis and his current chief business development officer Paul Oldridge joining Bright, along with the Surrey firm’s 20-strong team. Rob will take on the role of Product Director – UK Tax.

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Rob Ellis said: “Since Ian and I began working on the first iteration of BTCSoftware in 1999, a core value for the business has been approaching change with an open mind and creative spirit. Bright’s vision closely aligns with ours, making this a natural and exciting step for BTCSoftware that will expand the scope of what we can achieve for accountants in the future.

I am proud of what BTCSoftware has grown into, and what we’ve achieved along the way. Innovation and imagination have always been deeply ingrained in how we work, and Bright is a place where innovation thrives.

“Joining Bright opens up the horizons for users across the software in the group, in the long-term becoming an integrated part of a complete accounting solution with practice management, accounting, tax and payroll.

“Everyone at BTCSoftware is excited to be joining Bright and we’re looking forward to bringing this opportunity for innovation to life.“

The acquisition feeds into Bright’s longer term goal become a ‘one-stop’ provider of software solutions for accounts and businesses by offering integrated and end-to-end cloud accounting software solutions.

BTCSoftware were advised by M&A advisory firm Regent Assay.

On Regent Assay, Rob said: “We are delighted with the process of the sale conducted by the Regent Assay team. We have been working closely for the past few years with them. They expertly provided a comprehensive range of consulting services at the outset to help position our business to optimise its value for this sale.

“The Regent Assay team fully understood the dynamics of the business and we were able to implement their key recommendations prior to our going out to market. They identified a strong shortlist of acquirers and managed the negotiation process expertly and smoothly.

“We are really pleased with the outcome for all of our shareholders and employees and are looking forward to being part of Bright Group moving forward. We thank the whole team of Pradip, Brett and Olly for all their support throughout the process.”

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Featured image: iStock/Bright Software Group/BTCSoftware/The Business Magazine

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