Taxfix acquires Steuerbot. Both companies operate tax apps designed to help with income tax filing. Despite the acquisition, Taxbot’s services are expected to continue in their current form.
Two Tax Apps: Keeping Steuerbot Running
The business models of Taxfix and Steuerbot are very similar. Both companies offer tax apps designed to help with income tax filing, thus ensuring streamlined tax returns. However, Taxfix is a fairly large company. The start-up employs about 500 people and has made significant investments in the past. It is currently valued at €1 billion. Steuerbot GmbH, on the other hand, which employs his 18 employees, did not receive as much attention as Taxfix. Steuerbot’s suggestion is nevertheless to continue in its past form. Employees will also take over. This indicates that Taxfix does not view his Steuerbot as a competitor to be acquired, but as a complement to its own offering. It is not yet known how high the acquisition price will be. It was just announced that the Steuerbot founder and team would receive his Taxfix stake.
Taxfix is losing money
Meanwhile, Taxfix’s business has not been profitable so far. 2021 is the last financial year for which figures are already available, allowing the company to generate his €22 million turnover. However, a total loss of €43 million was recorded. The company’s funding is currently based solely on investments.
It remains to be seen whether Taxfix’ business will be profitable and how Steuerbot’s tax app acquisition will affect this. The economic situation for German start-ups is currently considered rather bad. Many companies, including Delivery Hero, recently laid off employees. Investments across the startup scene also declined significantly year-on-year.