Sabrix Announces 2006 Milestones
Customer Adoption and Revenue Continue to Grow at Solid Pace
SAN RAMON, Calif. – February 28, 2007 — Sabrix®, Inc., the leading provider of transaction tax management solutions, today announced that it continued adding new customers at a solid pace resulting in over 100% revenue growth for the twelve months ending December 31, 2006. The company’s customers have deployed the Sabrix Application Suite in over 150 countries including Brazil, Hungary and India, further demonstrating the company’s continued dominance in the global market for tax compliance implementations.
The Sabrix Solution is an enterprise-class, consolidated transaction tax management solution that seamlessly connects to all business applications requiring the determination, calculation and recording of transaction taxes. With Sabrix, a company has a single transaction tax solution and a single compliance and audit database with distributed management and control for tax professionals. The Sabrix Solution supports global enterprises, shared service models, and U.S. companies requiring sales, use and value-added tax automation.
Enterprises selecting Sabrix’s transaction tax management solutions in 2006 include many marquee companies from the high-tech, energy, oil & gas, manufacturing, retail, financial services, and hospitality industries, including: Dupont, a leading science-based products and services company; High Industries, a leading provider of a broad range of exceptional manufacturing, real estate, construction and business services and products throughout Pennsylvania; Lenovo, an innovative, international technology company formed as a result of the acquisition by the Lenovo Group of the IBM Personal Computing Division and a global leader in the PC market; Sun Microsystems, an innovative industry leader providing the computing systems, storage, software, and services that power the world’s most important markets; and Sunoco, a leading manufacturer and marketer of petroleum and petrochemical products.
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In addition to customer growth, Sabrix introduced the Sabrix Managed Tax Service™(MTS), an on-demand version of Sabrix’s enterprise software and tax research that is supported by a team of tax and legal professionals dedicated to researching the latest developments in tax law. Sabrix MTS, which was exclusively developed for growing and mid-sized companies, operates as a trusted extension of a company's finance department, handling the complete sales and use tax and VAT compliance process from start to finish. As a fully automated service, it works seamlessly with a company's accounting software to provide up-to-date rate maintenance, real-time calculation of taxes for financial transactions, timely preparation of signature-ready returns, as well as audit research and support services.
Notable yearly highlights:
- Raised $13 million in Series D funding to apply toward the continued growth of the company.
- Established leadership position in the oil & gas industry and associated excise taxes.
- Expanded its presence in the retail market with industry record implementation times at companies such as Sportsman’s Warehouse, who was up-and-running with Sabrix for use tax in less than 30 days.
- Expanded our product taxability with a 40% increase in new categories such as fuel related products, store coupons, and temporary personnel services.
"We’re very grateful to our existing and new customers as well as our partners, who have contributed to a year of solid growth for the company," said Steve Adams, CEO of Sabrix. "Our continued growth, particularly our dominance in global deployments, underscores our customers’ needs for a transaction tax solution that marries best-of-breed technology with world-class tax research to support the compliance requirements of the most successful companies in the world. And now, with MTS, we’ll extend that same technology and tax domain expertise to the mid-market, enabling us to address the compliance needs of companies of all sizes. These are exciting times for Sabrix and its customers."
About Sabrix
Sabrix, Inc. is a leading provider of transaction tax management for companies of all sizes, enabling finance, tax, and IT professionals to achieve accurate, timely, and cost-effective compliance for sales tax, use tax, Value Added Tax (VAT), excise tax and industry-specific taxes and fees. The Sabrix Application Suite serves global enterprises such as Amazon.com, BASF, Cisco, DTE Energy, IBM, QUALCOMM, Sportsman’s Warehouse, and York International. The Sabrix Application Suite seamlessly connects to all financial applications requiring the determination, calculation, and recording of transaction taxes. The company also offers the Sabrix Managed Tax Service™ (MTS), an outsourced transaction tax compliance service that helps finance departments of small-and-medium-sized businesses eliminate the hassle, control their audit exposure, and reduce the total cost of sales tax, use tax, and VAT compliance. Sabrix MTS seamlessly integrates with a company’s existing accounting and e-commerce systems, and, similar to outsourced payroll services, operates as a trusted extension of a company’s finance department to address tax compliance from start to finish: address validation, tax rate maintenance, tax determination and calculation, returns preparation and filing as well as audit research and documentation. For more information, please visit www.sabrix.com.
For press inquiries:
Kurt Foeller
Foeller Communications
sabrix@foellercom.com