ROME,Universal Tax Systems, a provider of tax preparation software, has been sold to Primus Venture Partners in a deal worth $65 million.
Primus, which is based in Cleveland, said senior management at Universal tax System will remain with the company.
UTS publishes TaxWise software for accountants and tax preparers to handle both federal and state taxes. The company employs 400 people.
Bill Anderson, chief executive officer of UTS, said the deal” said: “provides well-deserved liquidity to our many long-term investors while allowing management and employees to continue execution of our business strategy. Most importantly, it guarantees our customers that they will receive the same high quality products and services without interruption. We look forward to working with Primus to continue to grow our business.”
Jonathan Dick, a managing director of Primus, said the firm was interested in both TUS products, its management team plus growth potential.
Financing for the deal was provided by Antares Capital Corporation and AmSouth Capital Corporation.
Allied Capital Corporation invested $18.5 million in subordinated debt to support the deal, the company said in a statement.