Accounting
KPMG Sells Its Spark Business to Accounting Fintech Decimal
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.
Nov. 30, 2022
Decimal, a fintech company offering bookkeeping and accounting operations for small and medium-sized businesses, 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.
“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,” said Matt Tait, CEO, Decimal. “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. “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 – Tax at KPMG. “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.”