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Gainline Capital Partners Announces Acquisition of SourceHOV Tax

STAMFORD, Conn., March 25, 2020-- Gainline Capital Partners ("Gainline"), announced today that it has acquired SourceHOV Tax (the "Company") from Exela Technologies, Inc. (NASDAQ: XELA) in a carve out transaction. Headquartered in Fort Worth, TX, SourceHOV Tax is a leading provider of tax incentive solutions to accounting firms and middle-market companies throughout the U.S. The Company is one of few outsourced incentives providers with the technical ability and scale to serve any customer, having serviced more than 2,000 clients in 2019 across its three main offerings, R&D tax credits, LIFO accounting and cost segregation solutions.

SourceHOV Tax's current leadership team, led by Chris Henderson, Deborah Roth, and Chris Hitselberger, will remain in place. Mr. Henderson shared, "We are excited to partner with Gainline as we execute our strategic vision as a standalone company. Gainline's experience supporting both organic and inorganic growth initiatives will prove invaluable to SourceHOV Tax as we continuously work to expand our solutions and better serve our clients."

Allan Weinstein, Managing Partner at Gainline, said, "We are thrilled to partner with the SourceHOV Tax team. The Company's value proposition, through services that result in a net cash benefit to clients, and reputation for quality and efficiency makes for an extremely impressive business. SourceHOV Tax presents an attractive opportunity to implement Gainline's strategy of investing in businesses with strong fundamentals looking for their first institutional capital." Kerri McNicholas, a Principal with Gainline who also joined the Company's board of directors, added, "SourceHOV Tax is well positioned to capitalize on the growing awareness of, and the increasing need for tax incentive solutions as companies look to optimize cash flow."

About Gainline Capital Partners

Gainline Capital Partners is a private equity firm that invests in U.S. based middle market companies. The firm invests in profitable companies with enterprise values of up to $250 million. Gainline partners with management teams to help execute their vision, drive sustainable growth and create long term value.

About SourceHOV Tax

Headquartered in Fort Worth, TX, SourceHOV Tax has helped CPA firms and their clients maximize specialized federal and state tax incentives for more than three decades. The Company collaborates with accounting firms throughout the country to bring R&D tax credits, cost segregation, 179D, LIFO, 199, Fixed Asset Review, and 45L solutions to their clients. With a team of more than 70 professionals throughout the country, SourceHOV Tax serves many of the nation's most prominent accounting firms, associations, and middle-market companies.

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