Ernst & Young LLP (EY) announced on Thursday it has acquired technology assets and related patents from Elevated Consciousness, Inc., a U.S. startup focused on developing unique solutions for the crypto-asset ecosystem. EY reported that the acquisition is part of its strategy to expand blockchain-related capabilities and services worldwide.
According to EY, the Andy Crypto-Asset Accounting and Tax (CAAT) tool methodically connects with multiple cryptocurrency exchanges and wallets, allowing for better visibility into cryptocurrency transactions and inventory. The CAAT tool was developed by a team of entrepreneurs led by CEO, VJ Anma, a Silicon Valley entrepreneur who developed the platform based on his experience as a cryptocurrency fund manager, combining innovative technology with the rigor to meet ever-changing requirements accurately. While sharing details about the acquisition, Kate Barton, EY Global Vice Chair – Tax Services, stated:
“Cryptocurrencies and blockchain are transformational forces with a strong potential to fundamentally change the way business is done. CAAT positions us as a leader in serving a variety of companies adopting crypto-assets in an evolving regulatory environment.”
Paul Brody, EY Global Innovation Leader, Blockchain, also commented;
“This acquisition is another element in building out a portfolio of blockchain and cryptocurrency solutions across our businesses. Tax strategy, planning, and execution will be a key part of everything we build across our solutions, from supply chain management to software licensing solutions. We plan to integrate the CAAT tool into our Blockchain Analyzer portfolio to develop one of the industry’s broadest sets of technology and process services in tax and assurance.”
Anma then added:
“Numerous firms are interested in technology around cryptocurrencies like CAAT, but the unparalleled entrepreneurial know-how and experience that the Foundry offers is what attracted us to the EY organization. The organization is positioned to be a leader in the blockchain and crypto-asset space. My team and I are excited to support EY as the technology is taken to the next level.”