TaxLeopard acquires competitor Airtax amidst major growth and AI push

TaxLeopard acquires competitor Airtax amidst major growth and AI push

TaxLeopard, a one-stop accounting software and tax app for self-employed and contractors in Australia, has today announced the acquisition of BAS and income tax return lodging software, Airtax – a technology built by PwC in 2016, which moved to global mobility solutions company Vialto Partners as part of its global divestment from PwC in 2022. The six-figure deal will see TaxLeopard onboard Airtax’s 40,000+ users and take on its strong brand in the rideshare market, particularly with Uber drivers.

The acquisition comes as TaxLeopard targets significant growth. The company sees this as a significant step in scaling its user network, technological infrastructure, and partnerships. The acquisition also marks a major R&D push, as TaxLeopard looks to increasingly incorporate generative AI technology into its platform, and use AI to evolve its services and provide more nuanced and automated tax and accounting solutions.

To further bolster its AI capabilities, TaxLeopard is also working with RMIT’s Centre for Industrial AI Research & Innovation (CIARI) to build an AI-based Smart Tax Assistant to help sole traders, who don’t have easy, regular and affordable access to an accountant, to better manage their business. The AI being developed will give personalised advice on areas including how to increase income and how to maximise deductions.

“We are at a truly exciting stage of our business trajectory and product journey, and the acquisition of Airtax shows our intent to remain at the forefront of finance and tax innovation in Australia,” said Selda Kaplan, CEO and Co-Founder at TaxLeopard. “Acquiring a technology of Airtax’s quality and breadth, allows us to enhance our existing capabilities, continue growing our user base, and expand on the significant strategic partnerships we have both locally and overseas. We’re excited to embark on this next phase of growth and continue delivering leading tax and accounting software, powered by AI, to partners and users globally.”

Since its inception in 2022, TaxLeopard has gained thousands of customers in Australia, made up of freelancers, contractors and sole traders. It has also secured a number of strategic partnerships and integrations with globally recognised companies and gig economy platforms, such as DoorDash, Fiverr, and DiDi. With a focus on customer experience, TaxLeopard has integrated global CDR technology and data aggregation technology, Envestnet | Yodlee, to allow users to link their existing bank accounts rather than making it mandatory to switch to a new one. This is a unique offering, differentiating TaxLeopard from a number of competitors who require users to set up a new bank account when they sign up.

Nigel Stivala, Product Owner at Airtax said, “Our belief is that Airtax is a sleeping giant which will thrive under new ownership that can provide the focus and attention it deserves. With a dedicated team that has experience and passion for this market, there is enormous upside potential. The team at TaxLeopard are the perfect custodians to take this business forward and we’re confident it will be a huge success under their stewardship.”

Following the acquisition, TaxLeopard is actively seeking investment as it targets its next phase of growth. To find out more, you can contact invest@taxleopard.com.au.