Decimal, a fintech company that handles bookkeeping and accounting operations for small and midsized businesses, has acquired the KPMG Spark cloud-based bookkeeping service and related assets from KPMG LLP.
The acquisition expands Decimal's services and products for small businesses while adding key talent to its team. Through the acquisition, Decimal will be able to provide a more innovative bookkeeping platform to a broader set of small business owners. Financial terms of the deal were not disclosed. But Decimal raised $9 million in June to further accelerate its growth, which it says has been 200% year-over-year.
"The acquisition of Spark gets Decimal one step closer to its goal of solving accounting operations for SMBs," said Decimal CEO Matt Tait in a statement Wednesday. "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."
For KPMG, the deal will allow the firm to focus more on its core business and suite of services.
"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," said Rema Serafi, national managing partner of tax at KPMG, in a statement. "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."
The news comes after several other recent acquisitions in the accounting technology space, including
