TaxBit, a digital asset tax and accounting provider, has acquired Tactic, a digital asset financial accounting platform.
Tactic provides a streamlined accounting subledger to save businesses hundreds of hours on critical digital asset management and reporting. This acquisition will combine two leaders in the digital asset accounting space and establish TaxBit’s New York office presence.
TaxBit co-founder and CEO Austin Woodward, said: “2022 demonstrated that there is a massive problem in the digital asset space with regards to credible accounting. TaxBit historically focused on top-of-market Enterprises, but 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,” Austin added.
Tactic provides accounting automation tools, seamless integration with other financial software products, and increased visibility to reduce crypto accounting processes by as much as 75%. Tactic will augment TaxBit’s existing Corporate Accounting Suite (CAS) offering. The full integration of Tactic’s software and team with TaxBit will take place over the coming months.
The acquisition comes on the heels of major turmoil for digital asset markets. Recent crypto market events have highlighted the mission-critical need for transparency, especially in the form of auditable and verifiable accounting. As regulations evolve and as scrutiny increases, TaxBit can help restore investor trust with innovative and compliant solutions for tracking, processing, and reporting transactions.
Tactic co-founder and CEO Ann Jaskiw added, “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. 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.”
The financial terms of the deal were not disclosed.
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