Decimal buys KPMG Spark bookkeeping service
Decimal, an Indianapolis-headquartered outsourced accounting services and solutions provider, has acquired the cloud-based bookkeeping service and select other assets of KPMG Spark.
KPMG US launched Spark in December 2018 as a product to automate and digitize tax services for small businesses with under $50 million in annual revenue. It was built upon technology from Bookly, which KPMG acquired in 2018.
The move will broaden Decimal’s suite of automated accounting operations solutions for small- and medium-sized businesses (SMBs). The firm – which was founded in 2019 – previously focused on mid-sized SMBs using QuickBooks Online. The Spark deal gives Decimal a solution and integrated ledger for smaller businesses.
Decimal in a post on its website said KPMG in summer 2022 approached the firm about buying Spark. Decimal noted it already had four former Spark employees on staff and the “opportunity to add more talented people to our team, an integrated ledger, and the ability to help smaller companies…made it an easy decision.”
KPMG said the move enables it to better focus on core 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.”
The move follows a June 2022 seed funding round in which Decimal raised $9.2 million. The company said at the time that it would use the funds to accelerate growth and platform development.
Decimal’s outsourced, fixed monthly fee solutions cover bookkeeping, accounts payable, and bill pay. The company also offers software selection and implementation services.
Decimal works with professional services firms, startups, technology firms, and non-profits with fewer than 200 employees. The company's technology partners include QuickBooks Online, Expensify, Shopify, and Bill.com.
