Bird & Bird LLP advised Austrian start-up Blockpit on its acquisition of German competitor 21 Consulting GmbH (CryptoTax) share swap.
Both companies are start-ups with similar ideas of being a provider of cryptocurrency tax software. Although Blockpit and CryptoTax are active in the same market, they had different focuses and strengths. Bird & Bird LLP was joined by Austrian firm Binder Grösswang to advise on the deal.
With this acquisition, Blockpit and CryptoTax will use each other’s advantages to maintain international competitiveness. While Blockpit has always had a very strong focus on usability and automatization, CryptoTax has deeply committed itself to regulatory issues in order to be able to offer audited tax reports for several countries based on a law-centred approach. By seamlessly merging Blockpit’s platform with CryptoTax’s engine to be used for multiple respective countries, the companies are able to take their software to a whole new level and offer the best solution for the calculation of crypto taxes not only in Europe, but also internationally.
The following Bird & Bird lawyers advised Blockpit on this merger: Partner Stefan Münch and Associate Marcel Nurk (lead) (both Corporate/M&A, Munich).