Decimal, a Fintech company offering bookkeeping and accounting operations for small and medium-sized businesses (SMBs), announced it “has acquired the cloud-based bookkeeping service and certain other assets of KPMG Spark, owned by Big Four tax, accounting and advisory firm KPMG LLP.”
Financial terms “were not disclosed.”
The acquisition “broadens Decimal’s suite of services and solutions.” It also “expands the company’s small-business footprint while adding key talent to the growing Decimal team.”
Matt Tait, CEO, Decimal, said:
“The acquisition of Spark gets Decimal one step closer to its goal of solving accounting operations for SMBs. We will now be able to provide a more innovative bookkeeping platform to a broader set of small business owners, and we’ll be able to add a great team of people who have spent years working with them. With this acquisition, Spark clients will also gain enhanced accounting operations capabilities, which will simplify their back-office tasks and allow them to focus on building their businesses.”
In June 2022, Decimal raised $9 million “to accelerate growth and platform development and continue its more than 200% year-over-year growth.”
The acquisition of Spark gets Decimal one step closer “to its goal of solving accounting operations for SMBs.” For KPMG, the transaction will “allow the firm to sharpen its focus on its core business and suite of services.”
Rema Serafi, National Managing Partner – Tax at KPMG, said:
“At KPMG Tax, our strategy is laser-focused on meeting the evolving needs of our core client segment and delivering an innovative and differentiated experience. Our divestiture of certain Spark assets represents a move to double down on this strategy, while also providing Spark clients, talent and technology with a great home in Decimal, a company with a proven track record of excellent client service and bookkeeping quality.”
As noted in the update shared with CI, Decimal is a platform that “solves accounting operations for SMBs.” It helps SMBs “automate and outsource their accounting operations for a fixed monthly fee.”
As mentioned in the announcement, KPMG LLP is “the U.S. firm of the KPMG global organization of independent professional services firms providing audit, tax and advisory services.”
The KPMG global organization “operates in 144 countries and territories and has more than 236,000 people working in member firms around the world.”
Each KPMG firm is “a legally distinct and separate entity and describes itself as such.”
KPMG International Limited is “a private English company limited by guarantee.” KPMG International Limited and its related entities “do not provide services to clients.”
KPMG is widely recognized “for being a great place to work and build a career.”