HQ: Helsinki, Finland
Invested in: Q2/2018
Founders: Hannu-Tapani Leppänen, Simo Leppänen, Kim Jämiä, Tom Kaijasilta
Keywords: AI, analytics, CBC reporting
Making Complex Global Businesses Easier to Understand
Many businesses around the world have complex global operations. Even if they only sell to one market, they likely source or manufacture some part of their product abroad. With growing internet connectivity, even service businesses are going global. These trends are wonderful for innovation and the global economy. When it comes to year-end reporting, taxes and strategic planning, however, it can be difficult if not impossible to fully understand the impact of different countries on a company’s operations and results.
Finnish startup Aibidia understands the need to improve how Country-by-Country (CbC) reporting is done. By combining in-depth legal, tax and economic expertise, they have developed a platform that improves their customers’ CbC data and analytics capabilities. The name is an acronym for how they put their business ideas into action: Artificial Intelligence, Business Intelligence, Digital Innovations, Ahead.
Their tool allows companies to manage world-wide CbC processes in a user-friendly way designed for tax professionals. Companies can also monitor transfer pricing (TP) processes in real-time and automate TP documentation. Aibidia’s value chain analysis capability makes it easier for companies to analyze and slice up their global “tax pie”. Reports and analytics can be viewed at the entity level down to the product item level.
The team at Aibidia has considerable experience in providing services to international businesses. The company is the disruptive little sister of Finland’s leading international business advisor, Adler & Sound. Co-founder Hannu-Tapani Leppänen serves as Executive Fellow at Aibidia and is the Founding Partner and Head of Data and Analytics Services at Adler & Sound. Other “fellows”, as Aibidia calls its team, include Simo Leppänen, Analytics Fellow; Kim Jämiä, Technical Fellow; and Tom Kaijasilta, Marketing Fellow. Kim Jämiä also serves CTO at Adler & Sound.
Aibidia plans on using venture capital financing to improve their platform and help them reach new global customers.