Drake Software has acquired Copanion and its GruntWorx line of tax workflow software for an undisclosed sum.
Drake develops its own line of tax preparation software, and plans to leverage Copanion’s tax workflow product. Copanion will remain at its headquarters in Andover, Mass., and will not be moving to Drake’s headquarters in Franklin, N.C., according to John Sapp, vice president of strategic development at Drake. Drake plans to retain all of Copanion’s employees.
“All of their people that were there during the acquisition, they’re all on board,” said Sapp. “We like the way they were running and we plan on keeping it running the same way.”
Copanion CEO Ed Jennings will remain at least temporarily to help with the transition. “Ed is staying on board temporarily,” said Sapp. “We’re working out all the details on our relationship. We really, really like Ed a lot. He’s staying on board temporarily during the acquisition to make sure things run smoothly.”
Copanion is part of the AICPA's Trusted Business Advisor Solutions program.
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