KPMG LLP Takes Minority Interest In LumaTax

NEW YORK, Feb. 5, 2020 /PRNewswire/ -- KPMG LLP, the audit, tax and advisory firm, announced today that it has taken a minority interest in LumaTax, a growing 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."

Jeffrey C. LeSage, Americas Vice Chairman-Tax at KPMG said, "KPMG and LumaTax share a commitment to innovation, and we are extremely pleased to be a part of their ongoing journey to harness technology and embrace disruption as they serve their clients."

About KPMG LLP
KPMG LLP is the U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG is a global network of professional services firms providing innovative business solutions and Audit, Tax and Advisory services to many of the world's largest and most prestigious organizations. We operate in 147 countries and territories and have 219,000 people working in member firms around the world.

KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity, and eradicating childhood illiteracy.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Learn more at www.kpmg.com/us.

About LumaTax

Headquartered in San Diego, Calif., LumaTax is developing the future of state and local compliance tools for accounting firms. Founded by Robert Schulte, a former senior tax auditor for the State of California, the company provides a unique, comprehensive set of solutions for firms delivering SALT advisory services to their clients, ensuring profitably and scalability for the practice area in the process. For more information about LumaTax, please visit www.lumatax.com.

SOURCE KPMG LLP

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