Automated accounting innovator, Digits, continues reimagining
the future of finance through its strategic acquisition of
budgeting planning company Basis Finance.
SAN
FRANCISCO, June 17, 2024 /PRNewswire/ -- Digits, the
creator of the world's first automated bookkeeping solution for
startups, has acquired fast-growing budgeting and forecasting
platform Basis Finance. With rising interest rates and a tightening
fundraising environment, the importance of extending runway has
become crystal clear to founders in 2024. Through this acquisition
Digits will accelerate its FP&A roadmap and extend its
dashboard and reporting capabilities into financial planning.
Basis Finance makes it easy to create and maintain budgets and
forecasts through integrations into hundreds of financial systems
and advanced scenario comparison tools. With proven deployments
through top accounting firms, Basis has made it possible for
companies to create budgets and forecasts without pouring fifteen
hours into a spreadsheet.
"Good FP&A is an extension of good accounting," said
Jeff Seibert, co-founder and CEO of
Digits. "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."
Both Basis co-founders, along with their entire team, are
continuing their work at Digits following the acquisition.
Bebe Kim will leverage her extensive
GTM experience in finance and legal products to lead marketing, and
Carlos Gil will bring his extensive
product and engineering experience to lead the Digits FP&A team
to a launch later this year.
About Digits
Digits is accounting, reimagined. Picture clean books, powerful
insights, and intuitive reports—all delivered right as the month
ends (not 2-3 weeks late!) at half the cost of any traditional
firm. Digits has built the first modern accounting platform in 20+
years, designed from the ground up to automate bookkeeping and
accounting for tech-forward businesses. Digits pairs cutting-edge
AI with expert US-based CPAs to provide full-service accounting to
Pre-Seed to Series B startups, and sells automation software to top
accounting firms. Founded in 2018 by serial entrepreneur
Jeff Seibert, Digits launched in
November 2023 and is backed by
$97.5M in funding from Benchmark, GV,
Softbank, and 70+ angel investors. Learn more at
https://www.digits.com
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SOURCE Digits