Defender
A full-service tax resolution firm that generates leads through high-volume paid media, qualifies prospects through an AI-enabled intake and opener system processing over 100,000 inbound calls per month, and closes engagements through a professionally trained sales floor — collecting all fees upfront before resolution work begins.
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Overview
2025 Revenue
$36.6 million
2026P Revenue
$48.7 million
2025 EBITDA
$13.7 million
2026P EBITDA
$20.1 million
001
Overview
Defender operates at the intersection of a $696B annual IRS tax gap, rising IRS enforcement activity, and a fragmented competitive landscape unable to replicate its integrated go-to-market model. No direct competitor combines AI-enabled intake at scale, upfront-close sales training, 100% fee collection for all services, both initial resolution and additional services identified to be beneficial to client outcomes.
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Sec. 01 // Fast Scaling
Overview
Sec. 01 // Fast Scaling
Exceptional Growth
Zero Receivables
Revenue has grown from $9.1M in 2023 to $36.6M in 2025 and is one of the fastest-scaling tax resolution platforms in the U.S. TTM Q1'26 of $41.1M vs. $36.6M YE2025 confirms continued momentum. Cash flow mirrors revenue due to zero receivables.
Sec. 02 // Industry Expertise
Sec. 02 // Industry Expertise
Experienced Management Team
Depth of Talent
Defender is owned and operated by equity-holding principals, each with active functional ownership across the business. The Company is designed to operate without founder dependence or key-man risk, which provides institutional leadership continuity for a prospective buyer. All principals are active operators, aligned, and expected to remain engaged post-transaction.
Sec. 03 // Efficient CAC
Sec. 03 // Efficient CAC
AI-Enabled
High Volume Intake Engine
Paid media and telemarketing generate >100K inbound calls monthly; AI bots and opener teams screen 30 – 40K+ calls, route qualified prospects, and protect CAC by managing queues and missed calls. The marketing team actively monitors marketing spend and adjusts algorithms real-time to control volume and optimize CAC.
Sec. 04 // Disciplined Workflow
Sec. 04 // Disciplined Workflow
Delivery Model
Tech-Enabled
Defender's client service delivery follows a structured, technology-enabled workflow that is designed to scale. Each step is managed through IRSLogics, Defender's primary case management system, with task management, document control, and client communication integrated throughout. The process is executed by a specialized team across four functional groups: Operations, Tax Resolution, Tax Preparation, and Loan Management.
Sec. 05 // Cash Collection Visibility
Sec. 05 // Cash Collection Visibility
Revenue Model
Fees Collected Upfront
Defender prices tax resolution engagements on a flat‑fee, case‑based model, with 100% of fees collected upfront at the time of engagement, rather than on an hourly or contingent basis. The Defender model provides high visibility into cash collections, aligns incentives around rapid, high‑quality resolution, and simplifies the sales process for both clients and sales staff.
Sec. 06 // No Working Capital Drag
Sec. 06 // No Working Capital Drag
Model Economics
Prepaid Revenue Float
Defender’s 100% upfront fee collection model produces a structural divergence between cash-basis and accrual-basis EBITDA that is a feature of the business. Because all client fees are collected in full before substantial resolution work begins, cash-basis EBITDA directly approximates free cash flow — eliminating the working capital drag that characterizes most service businesses. The delta between the two bases reflects a permanent prepaid revenue float that compounds as the business grows. Accrual figures are presented for comparability to industry EBITDA multiples.
Accrual figures reflect revenue recognized as work is performed and are presented for comparability to industy EBITDA multiples. Cash-basis figures reflect fees collected upfront prior to resolution work commencing. All figures unaudited; GL / management-reported basis.
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Interest & Inquiry
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