Drake Software, one of the largest independent developers of tax and practice management software for professional accountants and tax professionals, announced today that they've acquired Copanion, which is most notable for its GruntWorx paperless workflow solution. Financial details regarding the deal between the two privately-held concerns were not disclosed.
Drake spokeman John Sapp stated that there should be no change in operations and development, and that staff at both companies will remain. Copanion's CEO Ed Jennings is expected to aid in the transition.
Drake is one of the top brands on the professional tax compliance market, with more than 10% share and a loyal user base that frequently commends the company on its customer service. As a result, Drake consisitently wins the Tax Compliance category in CPA Practice Advisor's Readers' Choice Awards.
Copanion's GruntWorx system helps professional tax preparers reduce paper and increase productivity by automatically populating many client forms using optical character recognition (OCR) technology, and providing electronic workpapers. These workflow optimization strategies have been shown to make tax preparation functions more efficient.