Practice Ignition, a software solution for accountants, announced it has completed its Series B round, raising AU$26 million, led by Tiger Global Management. Other investors in this round include Right Click Capital and MYOB co-founder and Xero Board member, Craig Winkler.
Practice Ignition provides a transparent software solution for accountants and bookkeepers to connect and support clients. Practice Ignition allows professionals to manage their practices in the cloud and automate time-consuming work including creating digital contracts. These contracts then connect to workflow, invoicing and payment systems – creating complete transparency.
“Our business has seen rapid global expansion; we now service over 1500 firms in Australia and another 1500 firms across the globe. To keep up with this global growth, our team has doubled from 30 to 60 people, since 2017. This latest injection of funding will be used to continue expanding our specialist team and focus on building deeper relationships with our rapidly expanding global customer base,” says Guy Pearson, Co-Founder and CEO, Practice Ignition.
What does this funding mean for Practice Ignition?
“The innovation arm of our business is about to kick into high gear as we look to further assist accountants and bookkeepers solve their critical challenges in connecting with clients. We plan to bring some exciting enhancements to the platform that will further help them serve clients whilst saving time and money,” says Dane Thomas, Co-Founder and Head of Product, Practice Ignition.
“We’re ecstatic to have the support of Tiger Global. They have an incredible track-record in global technology investments and will help us pave the path forward to revolutionising the global accounting industry.” Guy Pearson said.
“We’re building a transformational company that changes the fabric of how services companies can run their business. The biggest benefit of the platform is giving back time spent by accountants and bookkeepers running their businesses to instead focus on their clients’ needs” Guy Pearson concluded.
Jason Lenga, Operating Partner, Tiger Global Management, said: “We are excited to back Guy, Dane and the Practice Ignition team. We see an enormous opportunity for the Practice Ignition platform to help transform the global accounting and bookkeeping industry as these enterprises move to the cloud.”