Canadian Tax FinTech Requiti Purchases Pinmo
Canada-based Requiti, which helps Canadian companies understand tax incentives, has purchased financial technology firm Pinmo for $13 million CAD (approximately $10.3 million), according to a Monday (March 29) press release.
Requiti will now turn its attention to providing a complete collection of “financing and business investment” offerings to assist startups to “thrive in a competitive market” with the purchase of Pinmo.
Pinmo had been providing tax credit offerings for the past four years up to its acquisition. The company, however, started at first as a tech startup focused on social media monetization and advertising technologies.
Requiti has been assisting Canadian companies with navigating the complex sphere of Canadian business tax incentives such as the Scientific Research and Experimental Development (SR&ED) Program.
That initiative offers more than $3 billion in tax incentives on an annual basis, making it “the single largest federal program that supports business R&D [research and development] in Canada,” according to the release.
Requiti offers information about the initiative to those who own Canadian small businesses and helps them during the application procedure. The company has worked with 400 companies in various industries and helped them secure more than $50 million in tax incentives so far.
“We are successful because of our approach that involves both scrutinizing the financial application and the technical process, while other SR&ED consultants only help with the financial claim,” Managing Partner Hafeez Noorani said in the release.
In separate acquisition news regarding a Canadian company, Quadient has signed a deal to buy accounts payable (AP) automation technology firm Beanworks.
Beanworks, established in 2012, is based in Vancouver, Canada. The FinTech company, which has a subscription sales model, assists with the AP processes of nearly 800 customers.
“By combining our expertise with Quadient’s global reach, R&D firepower and investments in artificial intelligence (AI) technology, we will continue to live out our mission to support accounting teams everywhere,” Beanworks CEO Catherine Dahl said in an announcement at the time.