Digits, a provider of automated bookkeeping solution for startups, has acquired budgeting and forecasting platform Basis Finance.
The financial terms of the deal were not revealed.
Through the acquisition, Digits aims to expedite its financial planning and analysis (FP&A) roadmap. It also intends to expand its dashboard as well as reporting capabilities into financial planning.
Basis Finance facilitates the seamless creation and maintenance of budgets and forecasts by integrating hundreds of financial systems and advanced tools for scenario comparison.
The firm also enables businesses to develop budgets and forecasts easily with deployments through accounting firms.
Established in November 2023, Digits is said to have developed the first modern accounting platform.
The platform is designed from the ground up to automate bookkeeping and accounting for tech-forward businesses.
By combining advanced artificial intelligence (AI) and expert US-based certified public accountants (CPAs), Digits delivers full-service accounting to pre-seed to Series B startups. The company also sells automation software to accounting firms.
The automated bookkeeping solution provider is supported by $97.5m in funding from Softbank, Benchmark, GV, and more than 70 angel investors.
Digits co-founder and CEO Jeff Seibert said: “Good FP&A is an extension of good accounting.
“One of the key challenges in running a good budgeting and planning process is access to clean financial data and expertly built financials. Digits is the source of that good data, and Basis will be able to accelerate the use of this data to support forward-looking decision making.”
Following the acquisition, both Basis Finance co-founders and their entire team will continue their work at Digits.
