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Investment Underscores Commitment to Streamlining the R&D Tax Credit Process
ADP Ventures is pleased to announce an investment in SPRX, an innovative AI-powered platform specializing in the automation of R&D tax credit claim processes. SPRX is a one stop shop R&D tax credits provider that computes eligible credits, prepares a report, and provides IRS audit support. Its AI automates over 80% of the tasks involved in collecting complex R&D tax credit information, saving customers time and money, and helping to mitigate the risk of a lengthy IRS tax audit.
Many organizations leave tax credits unclaimed because the process is nuanced and time-intensive and has extensive documentation and compliance requirements. By automating these steps, SPRX has reduced the process from an average of 270 days to just ~5 days.
ADP Venture’s investment in SPRX highlights our responsiveness to market needs, facilitating the continued enhancement of advanced tools that simplify processes and enhance business value. This move reflects ADP’s commitment to staying at the forefront of emerging trends that help businesses succeed in today’s dynamic market.
“Our investment in SPRX is a win-win for both companies and is a prime example of how working with ADP Ventures can be a force multiplier to help startups scale while staying on top of innovation that could shape the R&D market for years to come,” says Usman “Oz” Khan, SVP of ADP Ventures.
