Global accounting firm giant, KPMG, recently acquired G2 FinTech's U.S. tax software for an undisclosed amount. The intention of the deal is to help KPMG beef up its business helping hedge funds with their tax compliance needs. This is KPMG's second tax acquisition in the tax technology space in under a year, and comes as follow up to the purchase of Rosthstein Kass's accounting firm, which specialized in hedge fund clients.
“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,” said Jeffrey C. LeSage, vice chairman of tax at KPMG, in a statement. “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.” KPMG is making a major investment in tax technology by developing KPMG Link PartnerTrack, the firm’s next-generation web-based system for streamlining the partnership tax return and reporting process.