A Birmingham tech company has secured an acquisition.
OnCentive, a tech company that guides companies to find tax credits and business incentives, has acquired SyncStream Solutions LLC, a New Orleans-based ACA compliance and reporting platform. The financial details of the deal were not disclosed.
“Adding SyncStream’s robust ACA compliance tool-set into OnCentive’s expanding portfolio allows us to further increase clients’ profitability by increasing their government compliance and mitigating their financial risk," said OnCentive CEO and cofounder Shannon Scott.
SyncStream employees will remain in New Orleans and will have access to the expanded resources of OnCentive’s Birmingham headquarters and its technology development and sales teams. Scott will assume the role of CEO for SyncStream. SyncStream’s Interim CEO Kevin Anhalt will shift to chief revenue officer and take charge of growing strategic partnerships.
“Today's announcement brings to market a powerful combination of technology and expertise to enable organizations of all sizes to effectively seize opportunities and remove barriers to business growth,” said SyncStream’s Kevin Anhalt. “Team SyncStream is excited about working alongside team OnCentive to provide our clients with continuity as well as expanded support and expertise, which will get them — and us — to the next level.”
According to a release, the acquisition gives SyncStream’s 4,000 clients access to OnCentive’s tax credit tools and 100 years of combined tax credit expertise. The joint capabilities of the two organizations will create a technology offering that provides clients the ability to navigate government compliance and capture government hiring incentives.
