Germany’s Taxfix Group secures UK market entry with TaxScouts acquisition
German tax solutions provider Taxfix Group has secured its entry into the UK’s digital tax filing market with a definitive agreement to acquire TaxScouts, a tax and accounting platform headquartered in London.
Taxfix Group acquires TaxScouts
As part of the transaction, the Berlin-based group will absorb TaxScouts’ 40-strong workforce, including CEO Malcolm Cowley, who will continue to lead the business under Taxfix, and founders Kaupo Korv and Daniel Karger, who will continue in their positions of CPO and CTO, respectively.
Launched operationally in 2018, the TaxScouts platform connects sole traders, landlords, investors, expats and anyone else required to file a self assessment tax return with a network of over 150 accredited accountants, while also offering a range of advisory and bookkeeping tools.
The company claims to have assisted five million customers to date and has raised £9.2 million in funding from backers including Octopus Ventures, SpeedInvest and Seedcamp. It also maintains a market presence in Estonia and Spain.
Taxfix, which itself operates a mobile tax filing app and tax expert-services throughout Germany, Spain and Italy, says its latest acquisition will “unlock significant growth opportunities across Europe” while accelerating its expansion in the UK, a market it says presents “significant growth potential”.
Martin Ott, CEO at Taxfix, comments that the purchase marks “a significant step in our European expansion”, with the two companies having a shared ambition to “break down barriers and empower users to take control of their finances, starting with their tax return”.
“Combining the strengths of our teams will allow us to better address the diverse needs of all taxpayers across Europe and help even more people,” he adds.
Financial terms of the deal have not been disclosed.
