KYN Capital Group Inc.'s Board of Directors announced the company has signed an agreement to acquire ATAX Cloud, a financial equipment leasing and tax preparation company. This subsidiary is a franchise that provides financial services, leasing, tax preparation, payroll, and other ancillary services in the financial sector. This acquisition is expected to close by Oct. 20.

"This acquisition enables the company to provide key services in the equipment leasing and financing area as well as tax preparation, financial statements for both public and private companies. ATAX has multiple revenue streams and the company will discuss the value of them with its shareholders after October 20, 2018."

This acquisition is the first of many to come for KYNC which gives the firm the ability to have the equipment necessary for organic grow rooms for other companies it plans to acquire, the company said.