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
SOURCE Digits
