TaxLeopard, a complete accounting software and tax app designed for contractors and the self-employed in Australia, has confirmed its acquisition of platform Airtax.
Originally developed by PwC in 2016 and later transitioned to global mobility solutions business Vialto Partners, Airtax will now join the TaxLeopard roster in a six-figure agreement.
The strategic move is set to enable TaxLeopard to integrate Airtax's expansive 40,000-plus userbase, as well as incorporate its longstanding partnership with Uber.
This acquisition comes at a time when TaxLeopard is pushing forward major growth plans, an expansion strategy which heavily incorporates bolstering its artificial intelligence (AI) abilities.
Airtax, a technology designed by PwC in 2016, was later shifted to the global mobility solutions company, Vialto Partners, following its divestment from PwC in 2022.
Now, it's expected that TaxLeopard's agreeing to on-board both Airtax's 40,000+ users and its prominent brand in the rideshare market, particularly among Uber drivers, will push TaxLeopard's own user network, technological infrastructure, and partnerships to scale up significantly.
Fostering a symbiotic relationship with RMIT’s Centre for Industrial AI Research & Innovation (CIARI), TaxLeopard aims to amplify its AI proficiency. The focus is to develop an AI-based Smart Tax Assistant that will aid independent traders without reliable, routine, or affordable access to an accountant.
The advanced AI aims to provide personalised guidance on areas such as income augmentation and maximisation of deductions.
Speaking of the key acquisition and the company's future direction, Selda Kaplan, CEO and Co-Founder of TaxLeopard, stated: "We are at a truly exciting stage of our business trajectory and product journey, and the acquisition of Airtax signifies our intent to remain at the helm of finance and tax innovation in Australia."
She further added, "Acquiring a technology of Airtax's quality and breadth enhances our existing capabilities, permits us to continue augmenting our user base, and expand on the significant strategic partnerships we have both locally and overseas."
Since its founding in 2022, TaxLeopard has accrued thousands of customers, namely freelancers, contractors, and solo traders across Australia. The company has secured multiple strategic partnerships and integrated with globally recognised firms and gig economy platforms such as DoorDash, Fiverr, and DiDi.
Adding his views on the acquisition, Nigel Stivala, Product Owner at Airtax, expressed his belief that TaxLeopard is a fitting custodian for Airtax. He said, "Airtax is a sleeping giant which will thrive under new ownership that can provide the focus and attention it deserves."
Post-acquisition, TaxLeopard is actively seeking investment as it gears up for its next growth phase.
Founded in 2022 by accountants Selda Kaplan and Michael Kambouridis, TaxLeopard is a Melbourne-based end-to-end platform which helps sole traders, freelancers and contractors to manage their taxes on a single platform, with CPA accountants managing the tax compliance.
Using the power of AI and automation, TaxLeopard's accounting and tax app aims to save both its customers and accountants time, making processes on the backend efficient.
Airtax is focused on making tax simple for individuals. Having started within PwC in 2016, the business has grown from a ride-share focused self-submission tool, into a leading compliance tool with higher value services.
Airtax has a tax calculation engine designed by big four accountants in a web application with connections to third parties (e.g. Uber) and the ATO for seamless pre-fill and lodgement. This drives both efficiencies with the customers and cost savings from a business process perspective.