OnCentive, a leader in tax credits and business incentives, today announced that it has completed the acquisition of SyncStream Solutions, LLC, the first-to-market comprehensive ACA compliance and reporting technology platform.
"We are thrilled to announce our acquisition of SyncStream Solutions and welcome their clients, partners, and employees to OnCentive," said OnCentive CEO & Co-Founder Shannon Scott. "Adding SyncStream's robust ACA compliance toolset into OnCentive's expanding portfolio allows us to further increase clients' profitability by increasing their government compliance and mitigating their financial risk."
The SyncStream employees will remain based out of New Orleans, LA, and will have the expanded resources of OnCentive's Birmingham, AL, headquarters and nationally-located technology development and sales teams. Scott will assume the role of CEO for SyncStream, shifting SyncStream's interim CEO, Kevin Anhalt, to Chief Revenue Officer to grow 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. "I've personally known OnCentive's CEO, Shannon Scott, for over 12 years, and have long admired the skills and knowledge he brings to building dynamic, successful companies, and the inclusive, support-focused cultures he promotes. 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."
Both companies share the same dedication to compliance and risk mitigation and delivering simplified solutions to an employer's complex problems. The acquisition gives SyncStream's 4,000 clients access to OnCentive's state-of-the-art tax credit toolset and 100 years of combined tax credit expertise. The joint capabilities of the two organizations create a technology offering that provides clients the ability to navigate government compliance and capture government hiring incentives with minimal effort.
"OnCentive's mission is to democratize business incentives by making it easy for business owners of any size to leverage complex government programs that can quickly increase their profitability," said Lindsay Morton, Chief Growth Officer of OnCentive. "Using the same employee data, we can now help business owners identify and capture lucrative tax credits, track their ACA compliance, and increase their company's profitability, all without complicated paper processes and time-consuming manual labor."
OnCentive is a consulting firm that helps businesses maximize government incentives and tax credits to increase their profitability. Leveraging their leaderships' 100 years of combined credit expertise and their state-of-the-art custom technology, OnCentive captured $1.5 billion in government incentives for clients, with $0 returned to the IRS. OnCentive's team of credit experts helps businesses affected by the COVID-19 pandemic to qualify and capture millions in Employee Retention Credits, as well as other federal and state incentive credits like the Work Opportunity Tax Credit, Research and Development Tax Credit, Disaster Employee Retention Credit, and many others.
SyncStream's tracking solution monitors the ACA status of part-time and seasonal employees in real-time to determine if the business qualifies for applicable large employer status, and which employees qualify for employee-sponsored coverage. The reporting solution uses business logic to marry employer data with ACA analytics, ensuring full auditability and accurate filing with the IRS. In 2013, SyncStream was the first company to develop and bring to market a comprehensive ACA software solution. The company has successfully fulfilled over 6 million employee forms and served more than 16,000 customers with a 96% customer retention for both federal and state filings.