Ontario, Toronto, March 29, 2021 (GLOBE NEWSWIRE) -- Requiti, a Canadian firm that specializes in helping Canadian businesses navigate the complex world of Canadian business tax incentives, has acquired fintech company Pinmo at $13 million Canadian Dollars. Until its acquisition, Pinmo has been offering tax credit solutions for the last four years but began initially as a tech startup specializing in social media monetization and advertising technologies. With the new acquisition, Requiti will now focus on offering a full suite of financing and business investment solutions to help startups thrive in a competitive market.
Since its foundation in 2014, Requiti has been helping Canadian businesses navigate the complex world of Canadian business tax incentives like the Scientific Research and Experimental Development (SR&ED) Program. The program provides tax incentives to encourage Canadian businesses of all sizes and in all sectors to conduct research and development (R&D) in Canada.
On an annual basis, the SR&ED program provides more than $3 billion in tax incentives making it the single largest federal program that supports business R&D in Canada.
Requiti provides information about the program to the Canadian small business owners and helps them in the application process. So far, Requiti has worked with 400 businesses in different sectors and helped them secure over $50 million in tax incentives.
The company has a 99% success rate in getting the clients funded given their long-standing expertise in the field and their tech-centric SR&ED planning strategy. Requiti started off as a small business going through the different tribulations of small businesses such as getting customers and capital, and startup funding. Small businesses are at the core of their operations and have tailored their solutions to meet the needs of the small business community as well as start up. They have recently announced plans of launching start-up financing sometime this year through their capital division to help the businesses. The company has also hired Hafeez Noorani as a Managing Partner to handle the marketing strategy of the company, along with Ron Cassan as VP of Business Development and Client Success.
While speaking about the success of the company, Hafeez Noorani emphasized their client-focus approach.
"We are successful because of our approach that involves both scrutinizing the financial application and the technical process, while other SR&ED consultants only help with the financial claim. Requiti is directly involved in our client's success as we go through the whole process with them as their representative."
Currently, the company has offices in Vancouver, BC, and Toronto, Ontario. It will be expanding across Canada and eventually into the US market next year.
About Requiti
Founded in 2014, Requiti Capital seeks to fix the knowledge gap for small to medium businesses by using solutions usually reserved for larger private corporations. We also specialize in technical strategic planning and capital investments that can help businesses remain competitive.
Our team looks to help businesses in Canada and later throughout North America, unlock their potential equity locked away in complex tax credit solutions. We use various tools such as R&D tax credits to help businesses grow, and we have helped hundreds of businesses complete their applications resulting in over $50 million of the tax credits.
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