mcbreck Posted November 17, 2022 Report Share Posted November 17, 2022 I don't see how buying TaxAct impacts the Drake software. Intuit has Turbotax, Lacerte, Proconnect and ProSeries. Wolters Kluwer has Tax Wise, ATX, Access and Prosystems. WK bought a few other tiny ones to boost their footprint if I recall correctly. Thompson Reuters has GoSystems and UltraTax. I would expect Drake to make another purchase down the line like TaxSlayer. I'd also expect a consumer accounting software program. Quote Link to comment Share on other sites More sharing options...
Lee B Posted November 19, 2022 Author Report Share Posted November 19, 2022 Just to clarify, Drake did not buy TaxAct. A Cinven umbrella holding company owns Drake and TaxAct. According to Cinven's website, they own equity positions in 140 different businesses around the world and on average they hold their investments 4 to 5 years. Cinven's mindset is a strategy of maximizing their investment, which is not an operating strategy. Quote Link to comment Share on other sites More sharing options...
JRS Posted December 23, 2022 Report Share Posted December 23, 2022 I know a few Drake clients that didn't like the religious theme of their Christmas cards, but the reason I bring this up, there were no Drakes listed on the Christmas card this year. 2 Quote Link to comment Share on other sites More sharing options...
Catherine Posted December 24, 2022 Report Share Posted December 24, 2022 I noticed that as well. 1 Quote Link to comment Share on other sites More sharing options...
Lee B Posted December 24, 2022 Author Report Share Posted December 24, 2022 In essence the Cinven Holding Company that now owns both Drake and Tax Act bought out the Drake family back in early 2021. "Drake Software has appointed Dominic (Dom) Morea as President and CEO. Interim CEO Euan Menzies will continue in his role as Chairman of Drake Software. Dom Morea comes to Drake Software with a strong background of more than 20 years’ experience in FinTech, working with Fiserv and First Data Corporation. He served most recently as Global Head of Fiserv’s Prepaid business. The Fiserv Prepaid business is one of the world’s largest payment service providers, supporting billions of transactions annually across the globe and millions of consumer/app users." Quote Link to comment Share on other sites More sharing options...
Lee B Posted December 24, 2022 Author Report Share Posted December 24, 2022 3 hours ago, cbslee said: In essence the Cinven Holding Company that now owns both Drake and Tax Act bought out the Drake family back in early 2021. "Drake Software has appointed Dominic (Dom) Morea as President and CEO. Interim CEO Euan Menzies will continue in his role as Chairman of Drake Software. Dom Morea comes to Drake Software with a strong background of more than 20 years’ experience in FinTech, working with Fiserv and First Data Corporation. He served most recently as Global Head of Fiserv’s Prepaid business. The Fiserv Prepaid business is one of the world’s largest payment service providers, supporting billions of transactions annually across the globe and millions of consumer/app users." "DURHAM, N.C., June 16, 2022 /PRNewswire/ -- BioAgilytix Labs, LLC ("BioAgilytix"), a leading global contract research organization focused on supporting pharmaceutical and biotech partners in all phases of drug development, today announces the appointment, effective immediately, of Euan Menzies as Chairman and CEO." So the current CEO and previous Interim CEO did not come from either the Accounting or Tax World. 1 1 Quote Link to comment Share on other sites More sharing options...
Catherine Posted December 26, 2022 Report Share Posted December 26, 2022 On 12/24/2022 at 5:12 PM, cbslee said: So the current CEO and previous Interim CEO did not come from either the Accounting or Tax World. That is not a good thing, and I'll watch Drake carefully as they move forward. Since I am slowly scaling back, it may be worth sticking with them just so as not to need to deal with a new program and vendor for fewer returns every year. Plus any new vendor may also get bought out by non-acctg, non-tax, buyers. 1 Quote Link to comment Share on other sites More sharing options...
Lee B Posted December 26, 2022 Author Report Share Posted December 26, 2022 Yeah, everyone is trying to maximize profit and stock market price by CRM, Data Mining and converting the Data into advertising and marketing $. It been very interesting watching Intuit do exactly that over the last several years. 1 Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted December 27, 2022 Report Share Posted December 27, 2022 I have no insider knowledge. What I do know is Drake bought a now dead programming tool which many used to use. IIRC, it was because they depended on it for their own software. Likely, whatever happens next (if it has not already), the odds are good they are or have been working furiously on rewriting their code to use whatever programming tools the buyer is comfortable with. 2 Quote Link to comment Share on other sites More sharing options...
Lee B Posted December 27, 2022 Author Report Share Posted December 27, 2022 I suspect the programming is being done overseas. probably in India. Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted December 27, 2022 Report Share Posted December 27, 2022 I have no insider knowledge. However, Adam bought a programming tool several years back, and as of at least mid 2022, was still occasionally participating in an online programmers forum (at least with a handle looking like his name). Unlikely this could have been done for anything other than self protection, to maintain a tool they used in house. Now, no idea after the sale/purchase, and a quick search did not find anything relevant in the programmer's forum. 1 Quote Link to comment Share on other sites More sharing options...
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