TARRYTOWN, N.Y., Sept. 24, 2019 /PRNewswire/ -- CrossBorder Solutions, a global leader in technology-driven tax solutions, today announced a $40 million Series B investment led by Insight Partners to accelerate development of Fiona, the world's most advanced AI-based tax expert.
CrossBorder's cloud-based tax solutions automate the process of transfer pricing compliance and empower tax professionals to navigate the increasingly complex, localized regulatory landscape. From its groundbreaking cloud-based software platform, CrossBorder has created Fiona – the world's most advanced AI tax expert. Traditional, human-based approaches to tax are stuck in the past – inefficient, expensive, and susceptible to costly human error. Fiona is built to complement human tax professionals and simplify tax compliance and planning.
"The investment from Insight Partners will accelerate our product roadmap as we continue to scale our flagship transfer pricing solution," said Donald Scherer, co-founder and CEO of CrossBorder. "We are excited to partner with Insight, who share our vision of using artificial intelligence to reimagine the costly and time-intensive approaches to tax compliance of the past."
The investment comes as billions in transfer pricing adjustments are forecast to be imposed on global enterprises in 2019. By offering hyper-localized transfer pricing studies that meet the requirements of every jurisdiction in which customers operate, CrossBorder's solutions prevent audits, adjustments, and penalties with a modern, software-based approach.
The Series B financing builds on an exceptional year for CrossBorder. Since its inception the Company has experienced over 200% year-over-year growth with multinational corporations worldwide taking advantage of CrossBorder's modern approach to transfer pricing. The investment will be used to accelerate growth in all areas, including customer support and engineering. Jeff Horing, Co-founder and Managing Director at Insight Partners, will join CrossBorder's Board of Directors.
"We are excited to partner with CrossBorder to modernize legacy approaches to tax and accounting workflows," said Horing. "Transfer pricing is becoming more complex across different jurisdictions and fines continue to increase each year – every multinational corporation faces this problem. We look forward to working closely with CrossBorder's leadership team as they continue to bring the benefits of software to this exciting market."
CrossBorder was advised by Sparring Partners. Kennet Partners, a leading venture capital fund, led the Series A investment of $8 Million in 2017.
About CrossBorder Solutions
Founded in 2016, CrossBorder Solutions is the leader in AI-driven solutions for transfer pricing compliance. The Company's cloud-based solutions produce the required documentation that protects global enterprises from costly penalties. For more information please go to: www.xbs.ai
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all its investments, visit insightpartners.com or follow @insightpartners on Twitter.