KPMG has acquired from G2 FinTech, a boutique tax technology firm, all of its US tax software and intellectual property, including its flagship product, TaxGopher.
The deal is expected to enhance KPMG’s capabilities to assist hedge funds with their tax compliance needs.
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As a part of the deal, a majority of G2’s development team will join KPMG’s Tax Transformation and Technology Practice.
G2 will remain a separate entity with a continuing business post acquisition.
KPMG vice chairman of tax Jeffrey LeSage said: "This acquisition of G2’s technology assets and intellectual property continues to build on our successful leadership position in the Alternative Investment space following the Rothstein Kass transaction last year.
"The market is demanding a web-based, integrated technology platform; by adding G2’s technology, KPMG will now be able to offer hedge funds a seamless end-to-end analysis and compliance solution."
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By GlobalDataThis is KPMG’s second acquisition in the tax technology space in less than a year. In November 2014, KPMG acquired the Global Trade Management (GTM) Practice of EntryPoint Consulting.
G2 FinTech CEO George Michaels said: "This opportunity presents the best of both worlds for G2 and our clients. Our ongoing arrangement with KPMG enables us to service our existing clients while at the same time allows KPMG to incorporate TaxGopher within its KPMG LINK PartnerTrack platform. We see this as a huge win for everyone."
