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Power Law company profile

Zenwork

Other B2B Software · Fayetteville, United States · Founded 2011

Zenwork operates as a digital tax compliance and regulatory reporting technology firm, providing cloud-based, software-as-a-service (SaaS) and API solutions. The company was co-founded in 2011 by Sanjeev Singh, who serves as CEO, and Rekha Singh, the co-founder and CTO. Sanjeev Singh's background includes over two decades in the technology industry, with significant experience in product management and project development at companies like ADP and Singtel. This experience in payroll and project management directly informed the development of Zenwork's solutions. The company's business model is centered on providing automated technology solutions to address regulatory compliance for a diverse client base that includes over 100,000 small businesses, 30,000 CPA firms, and large enterprise customers. Zenwork generates revenue through its two primary brands: Tax1099 and Compliancely. For over a decade, the firm was bootstrapped before securing its first funding in November 2021, a significant $163 million minority growth equity investment from Spectrum Equity. This capital was intended to accelerate product innovation and expand into new markets, particularly in Europe and the Asia-Pacific region. Zenwork’s flagship product, Tax1099, is an IRS-approved platform designed to automate the e-filing and e-delivery of informational returns like forms 1099, W-2, and 940-series. It serves a wide range of clients from small businesses to large enterprises and CPA firms, processing millions of electronic filings annually. Key features include direct integrations with accounting software like QuickBooks and Xero, TIN matching to verify vendor information against IRS databases, and bulk filing capabilities. The other main product, Compliancely, is a scalable API platform for real-time identity verification. It helps businesses conduct Know Your Customer (KYC) and Know Your Business (KYB) checks, utilizing data from federal and state government sources, the Death Master File, and Office of Foreign Assets Control (OFAC) watch lists. This service is critical for financial institutions, gig economy platforms, and marketplaces to mitigate fraud during customer and vendor onboarding. Keywords: tax compliance, regulatory reporting, RegTech, SaaS, API, e-filing, identity verification, 1099 forms, CPA solutions, business compliance