TaxBit, a tax software company that specializes in digital assets like cryptocurrency, said Tuesday it is acquiring Tactic, a digital asset financial accounting platform.
The acquisition will combine two companies in the digital asset accounting space and establish a New York office for TaxBit, which has headquarters in both Seattle, Washington, and Draper, Utah. Tactic will add to TaxBit's existing Corporate Accounting Suite (CAS) product, and the companies plan to integrate their software in the months ahead. Financial terms of the deal were not disclosed.
The acquisition occurs in the midst of major turmoil in the crypto market, and TaxBit
"2022 demonstrated that there is a massive problem in the digital asset space with regards to credible accounting," TaxBit CEO Austin Woodward said in a statement. "As TaxBit historically focused on top-of-market enterprises, it became evident that businesses of all sizes accepting, trading or holding digital assets are in need of automated accounting solutions. As we got to know Tactic, it was clear that their world-class technical team, products and culture perfectly align with what we are building and how we operate at TaxBit. We are excited to welcome their team onboard, and together continue building a turnkey solution for digital asset accounting."
Tactic provides accounting automation, integration with other financial software products, and visibility over crypto accounting processes.
"As transparency and efficiency become the largest issues for businesses working in or entering the crypto sphere, we aspire to provide the definitive toolset for the industry," said Tactic CEO Ann Jaskiw in a statement. "Austin and I share similar stories, being founders at the forefront of innovation and first movers in a fast-evolving industry. The team is thrilled to continue Tactic's journey of product innovation and to establish our collective team as the go-to provider for digital asset accounting."
