Who likes paying taxes? No one, but it’s something everyone has to do. So while Sabrix doesn’t exactly make paying taxes pleasurable, its software does make the process easier, which is why Mohr, Davidow Ventures and Venture Strategy Partners decided to put $19.1 million in to the San Ramon, Calif.-based company.
“Corporations have to pay multiple taxes. If you look at companies in the United States, about 7% of the top line revenue goes to taxes, and that number increases if you do business outside the U.S.,” says the company’s new CEO Steve Adams, who was the former president and CEO of Uniscape. “Companies do 60% of tax work manually and lots of money falls through the cracks. [Our software] improves bottom line results while maintaining tighter financial controls and ensuring legal and ethical compliance to tax regulations. This is a great opportunity and the absolute best time to offer a product that lowers the cost of doing business.”
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