Accounting FinTech Decimal Acquires KPMG Spark

Accounting FinTech company Decimal has acquired assets of KPMG-owned KPMG Spark.

The purchase will add KPMG Spark’s cloud-based bookkeeping service to Decimal’s suite of automated accounting solutions for small and medium-sized businesses (SMBs), the companies said in a Wednesday (Nov 30) press release.

“We will now be able to offer a more innovative bookkeeping platform to a wider set of small business owners, and we will be able to add a great team of people who have spent years working with them,” Decimal CEO Matt Tait said in the release. “With this acquisition, Spark customers will also get enhanced accounting capabilities, which will simplify their back office tasks and allow them to focus on building their businesses.”

For KPMG – the Big Four tax, accounting and advisory firm – the transaction will allow it to focus on its core business, according to the press release.

This includes delivering a differentiated experience to the core client segment, KPMG National Managing Partner–Tax Rema Serafi said in the release.

“Our sale of certain Spark assets represents a move to double down on this strategy while giving Spark customers, talent and technology a great home at Decimal, a company with a proven track record of excellent customer service and bookkeeping quality,” Serafi said.

KPMG rolled out KPMG Spark in December 2018 as a tool designed to automate and digitize tax services for small businessesincluding tax preparation and compliance, for businesses with annual revenues below $50 million.

As PYMNTS reported at the time, KPMG implemented Spark technology from Bookly, a company acquired by KPMG earlier that year, and the new product was one of KPMG’s steps into the world of small business financial services.

Decimal’s acquisition of the assets of KPMG Spark follows accounting FinTech the company’s $9.2 million fundraising round that was announced in June.

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