Decimal LLC, an Indianapolis-based accounting technology firm, has acquired KPMG LLP’s cloud-based bookkeeping business, KPMG Spark.
The acquisition closed on Wednesday morning. Financial terms were not disclosed.
Decimal operates as a remote company and now has about 80 employees after the acquisition, said Decimal CEO Matt Tait. He declined to specify how much of that was acquired from KPMG Spark. In May, Decimal had 60 employees.
“We’re really excited to bring this team on board. It’s going to be a significant headcount increase for us,” Tate said.
KPMG Spark is located in Salt Lake City, Utah.
Netherlands-based KPMG is one of the Big Four accounting firms with more than 236,000 employees worldwide. KPMG acquired the then-named Bookly cloud-based bookkeeping business in 2018 and subsequently changed the company’s name to KPMG Spark.
Decimal, originally trading as Somerset Cloud, was formed in 2019 by local accounting firm Somerset CPAs and Advisors. The following year, Tait and Somerset colleague Jacob Cloran acquired Somerset Cloud and renamed it Decimal.
In June, Decimal received its first outside investment — a $9.2 million seed round led by Minneapolis-based Arthur Ventures, with Colorado-based Service Provider Capital and several individual angel investors Follow up.
Decimal is a software-as-a-service company that helps small and medium-sized businesses automate and outsource tasks such as bookkeeping, payroll, and bill payment.
KPMG Spark has always focused on small, cash-based businesses, including independent entrepreneurs.
With the acquisition, Decimal gained more than 500 new customers who have been using KPMG Spark, Tait said. “It now provides two distinct product lines for our platform.”
After the acquisition, KPMG Spark will operate as Decimal Core. Decimal’s legacy business is now called Decimal Pro.