Deloitte has signed a deal to acquire niche tax software developer, Jet Financial, from 20 September 2018.
Founded by former PwC executives David Faustmann and Simon Raper, Jet Financial creates bespoke software services to help companies automate and manage their tax processes and reporting requirements.
Jet Financial have experience in creating software to help companies automate and manage Financial Services GST Calculations, the Petroleum Resource Rent Tax, large Superannuation Fund tax and Life Company tax.
Deloitte managing partner Brett Greig said the acquisition would allow the big four firm to better cater to clients amidst the digital disruption faced across the industry.
“Increasingly, tax teams are looking to software and technology solutions to capture and manage their data for tax purposes, and to streamline their tax reporting and compliance requirements. By Jet joining Deloitte, we will give our clients access to some of the best tax software solutions in the business,” said Mr Greig.
“We anticipate massive change to the tax profession in the next five years and are actively recruiting for more ‘tax technologists’ – we’re already seeing a demand in tax for people from STEM backgrounds and we’ve started to escalate the hiring of, and collaboration with, data scientists, ERP experts and software builders.
“To lead the profession in digital tax, we are leveraging the deep digital and technological skills Deloitte is known for in consulting and applying them to our tax practice and Jet Financial adds further value to our clients.”
Mr Raper welcomed the acquisition, believing the deal would help the firm increase its development capabilities.
“Becoming a part of Deloitte allows us to draw on the wealth of technology and consulting expertise within Deloitte and provides us with an opportunity to serve a much larger client base. Deloitte’s wide ranging tax and technical resources and the agility of our platform will enable us to rapidly scale up our solution development capability,” said Mr Raper.
“The tax function, like many others, is changing fast with the rise of new technologies and we are looking forward to delivering the next wave of innovation to clients.”
Deloitte signalled last year that it had a "pipeline" of investments set for release in 2017 and 2018, many of which have so far had a digital focus. In October last year, Deloitte acquired business technology consultancy JKVine. This followed a partnership with Thomson Reuters to automate its financial reporting.
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Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.