Tax and accounting technology platform HubSync said on May 5 that it’s receiving a strategic growth investment of more than $100 million from Thoma Bravo, a Chicago-based private equity firm that provides capital and strategic support to growing software and technology companies.
The investment is expected to accelerate Franklin, TN-based HubSync’s product roadmap and customer service, as well as enable continued growth and innovation.
Founded in 2019, HubSync has experienced rapid growth, achieving 744% revenue expansion from 2020 to 2024 while delivering strong profitability. The company says it has more than 40% of the top 25 accounting firms in the United States as customers.
“HubSync’s mission to modernize tax and accounting technology has reshaped the industry,” John McGowan, founder and CEO of HubSync, said in a statement. “Thoma Bravo’s expertise in scaling software companies will help accelerate our innovation, expand our industry reach, and enhance the value we deliver to our clients.
“This investment is a testament to the strength of our platform and team,” he added. “We look forward to partnering with Thoma Bravo to drive further growth and transformation of the tax and accounting landscape.”
Thoma Bravo is one of the largest software-focused investors in the world, with over $179 billion in assets under management as of Dec. 31, 2024. Over the past 20-plus years, the firm has acquired or invested in approximately 520 companies representing approximately $275 billion in enterprise value, including control and non-control investments. Thoma Bravo has offices in Chicago, Dallas, London, Miami, New York, and San Francisco.
“HubSync’s cutting-edge technology and market leadership position it as a standout in the tax and accounting software space,” said Ross Devor, a partner at Thoma Bravo. “John and his team have used their deep industry experience to build a platform that meets the critical needs of tax and accounting professionals as they seek to unlock efficiencies and streamline their workflows, as well as elevate customer experience and satisfaction. We see tremendous potential to scale HubSync’s solutions and capture a larger share of this growing market.”
“We’ve been impressed by HubSync’s rapid growth and innovative approach,” added Dillon Biddiscombe, a vice president at Thoma Bravo. “We’re excited to leverage our operational expertise to support HubSync’s next phase of expansion.”
Kaizen Equity Partners served as financial advisor and Taft Law acted as legal counsel to HubSync. Goodwin served as legal counsel to Thoma Bravo.
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