Tax apps: Taxfix takes over Steuerbot

Taxfix acquires Steuerbot. Both companies operate tax apps designed to help with income tax returns. Taxbot’s offering is expected to continue in its current form despite the acquisition.

Two tax apps: Continued operation of Steuerbot

The business models of Taxfix and Steuerbot are very similar. Both companies offer tax apps designed to help with income tax returns and thus ensure streamlined tax filing. Taxfix, however, is the significantly larger company. The start-up not only employs around 500 people, but has also made huge investments in the past. It is currently valued at one billion euros. Steuerbot GmbH, on the other hand, employs eighteen people and attracted significantly less attention than Taxfix. The offer of Steuerbot is to continue nevertheless in the past form. The employees will also be taken over. This indicates that Taxfix does not see Steuerbot as a competitor to be taken over, but rather as a complement to its own offering. It is not yet known how high the takeover price is. It was only announced that the founders and the team of Steuerbot will receive shares in Taxfix.

Taxfix is making losses

Meanwhile, Taxfix’s business has not been profitable so far. In 2021, the last fiscal year from which figures are already available, the company was able to generate sales of 22 million euros; however, losses totaling 43 million euros were recorded. The company’s financing is currently based solely on investments.

Whether Taxfix’s business will become profitable and how the acquisition of Steuerbot’s tax app will affect this is not yet foreseeable. The economic situation of German start-ups is currently considered to be rather poor. Many companies, including Delivery Hero, have recently laid off employees. Investment sums also fell sharply overall in the start-up scene compared with the previous year.