KPMG LLP the audit, tax and advisory firm, has taken a minority interest in LumaTax, a San Diego-based sales and use tax technology company that is reimagining the way sales tax compliance and audit is handled.
CPA firms that use LumaTax’s proprietary software platform benefit from a suite of industry-first tools designed to help them deliver effective and scalable sales and use tax advisory services to their clients.
KPMG’s investment in LumaTax is intended to complement and enhance both companies’ approach to the market through innovation and technology. KPMG joins Madrona Venture Group, Cowboy Ventures, Greycroft, Vulcan Capital and others in this round of financing. The terms of the transaction were not disclosed.
“KPMG continually demonstrates its commitment to helping clients reimagine their tax operations and become future ready,” said Robert Schulte, founder and CEO at LumaTax Inc. “We are excited that they are joining us at this pivotal time for LumaTax.”
The company was founded by serial entrepreneur Robert Schulte, who sold his previous software company, Taxcient, which streamlined sales tax compliance for corporations, to Washington state-based Avalara.
LumaTax is based in San Diego and Seattle; the company started within Pioneer Square Labs, a startup studio that launched in Seattle in 2015, but has since spun out.