Bloomberg Industry Group acquires tax software company

Tax Prodigy’s assets added to Bloomberg Tax & Accounting

Arlington-based Bloomberg Industry Group has acquired Minneapolis-based Tax Prodigy for its Bloomberg Tax & Accounting division, it announced last Tuesday.

Financial details of the transaction were not disclosed. Tax Prodigy will be absorbed into Bloomberg and will not function as a subsidiary.

“On behalf of Tax Prodigy’s founders and owners, we are excited to be part of Bloomberg Tax & Accounting, a brand that we greatly admire for the quality of their products,” Tax Prodigy CEO David Kovar said in a statement. “We’re looking forward to the opportunity to enhance our product and contribute to the development of new solutions across the broader product line.”

Tax Prodigy’s flagship software, Tax Prodigy Provision, helps companies calculate the income tax provision of their financial statements. It provides an approach to complying with the technical accounting requirements for income taxes under U.S. Generally Accepted Accounting Principles.

“We are excited to add Tax Prodigy’s tax provision solution to our growing suite of innovative solutions that solve complex corporate tax and accounting problems,” Bloomberg Tax & Accounting President Lisa Fitzpatrick said in a statement.