Regent Assay advises SaaS company, BTCSoftware on acquisition by Bright Software Group

BTCSoftware is a multi-award-winning tax software solution which helps accountants to streamline and simplify tax and compliance work. BTCSoftware was founded in 1999 by Rob Ellis and Ian Katté. They developed feature-rich and cost-effective software products that make life easier and more rewarding for accounting professionals. Having flexibility, innovation and optimism as guiding principles, BTCSoftware approaches new ideas with an open mind. The company has made its name as a tax software expert with accounts production, corporation tax and self-assessment tax return modules. It also launched its SaaS solution, BTCHub in 2018. The solution enables accountants to comply with Making Tax Digital (MTD) VAT regulations and is integrated with HMRC and Companies House.

Bright is a UK and Ireland-based accounting, practice management and payroll software provider. Since forming in 2021, Bright has brought a wide range of products together, and in doing so has integrated teams from Ireland and the UK. Bright’s software offers world-class support and comprehensive solutions including BrightPay Payroll Software, Thesaurus Payroll Manager, Surf Accounts Production, AccountancyManager, and now BTCSoftware.

This development is the next big step in Bright’s mission to streamline business processes for accountants and businesses, by delivering excellent products that enable automation and integration of core business sectors and functions. This focus on serving customers above everything else, makes BTCSoftware a perfect addition to Bright, as they pride themselves on their highly rated, responsive customer support. Rob, and his current chief business development officer, Paul Oldridge, will both be joining Bright as part of the acquisition. While this range of products, expertise and support, allows Bright to combine the strengths of each brand, which calls for a rebranding in order to have a more unified voice in order to position the company as a one-stop provider of software solutions for accountants and businesses. The investment in BTCSoftware further demonstrates Bright’s commitment to delivering UK customers’ best-in-breed products. The move is part of its long-term strategy to offer an intuitive, integrated and end-to-end cloud accounting software solution to accounting firms and SMEs. BTCSoftware’s team of 20 are to become a part of the Bright workforce, with Rob Ellis assuming the role of Product Director – UK Tax.

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.”

Commenting on the acquisition Rob, 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.“

Rob Ellis, CEO of BTCSoftware commented:

“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.”

The Regent Assay team is pleased to have worked with the BTCSoftware team in achieving this milestone having previously undergone the EAP program (now ASSESS) alongside a successful fundraise to fuel business growth. This transaction demonstrates Regent Assay’s continued expertise and track record in the technology sector.