K1x, a Princeton, NJ-based provider of automated solutions for aggregation and packet production for the Schedule K-1 federal tax form and end-to-end tax return solutions for tax-exempt organizations, raised $15 million in funding.
The investment was from Edison Partners, a growth equity investment firm. As part of the transaction, Jennifer Lee, a partner at Edison Partners, will join K1x’s board of directors.
K1x will use the funds to scale its commercial operations, customer success, and product roadmap. The new funding will allow the Chicago-based company to further its “people first” culture, recruit and retain the best associates in the industry, and pursue its near-term and long-term goals.
This funding will also enable K1x to accelerate its industry-leading machine-learning technology into more industry segments, grow in sectors that provide more solutions to its clients, support its channel partners with a complementary product portfolio, increase marketing and sales support, and tailor customer success to increase their value proposition.
“We’re excited to partner with Edison Partners because of its track record of quality partnering and success creation, experienced operating partners and resource networks which we will leverage during our evolution, and its focus on fintech and SaaS technology firms similar to K1x,” said John LaMancuso, CEO, K1x. “K1x will use this investment to expand our solutions and support models. This expansion will enable all users of our automated K-1 ecosystem and tax-exempt solutions to leverage data and technology to increase operational efficiency and accuracy of reporting.”
The K1x Advantage Suite is a modular software solution that allows K-1 producers and receivers to come together on a digital platform. Its streamlined approach helps reduce or eliminate traditional Excel and paper-based processes, transforming the industry.
Company: K1x, Inc.
Funding Month: December 2022
Lead Investors: Edison Partners
Company Website: https://k1x.io/
Software Category: Tax Technology Solutions
About the Company: K1x, Inc. is a SaaS financial technology company with long-established tax technology offering the first-ever, all-digital K-1 experience to the capital markets. K1x’s founding product, C-TRAC, is an end-to-end software solution for tax-exempt organizations. Expanding the suite to tackle the unique challenges faced by institutional investors and their investments, the K1x Advantage Suite was born, offering AI-powered solutions for K-1 aggregation and digital K-1 packet production. The K1x Advantage Suite is a modular software solution that digitally connects producers and recipients for faster delivery, more accurate information, and streamlined reporting. It improves investor relations through embedded investment management and communication features and reduces countless hours of compiling and aggregating data to seconds. K1x lightens labor and improves accuracy, timeliness, effectiveness, and efficiency as part of a company’s automated tax-preparation solution. K1x technologies are now used by the largest institutional investors, funds, and accounting firms in the U.S.