Practice Ignition co-founder Dane Thomas said the group, which services accountants and bookkeepers in more than 3,000 firms in Australia and globally, would use part of the new funding to innovate within its practice management platform.
“The innovation arm of our business is about to kick into high gear as we look to further assist accountants and bookkeepers to solve their critical challenges in connecting with clients,” Mr Thomas said.
“We plan to bring some exciting enhancements to the platform that will further help them serve clients while saving time and money.”
Practice Ignition’s software platform allows accountants and bookkeepers to create and send transparent, cloud-based digital contracts to clients that connect to the business’s workflow, invoicing and payment systems.
The firm’s co-founder and chief executive, Guy Pearson, said demand for Practice Ignition’s offering had seen its staff numbers double in size over the past two years.
“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,” Mr 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.”
The firm noted that investors in its latest funding round had included US-based investment group Tiger Global Management, Sydney venture capital firm Right Click Capital and MYOB co-founder and Xero board member Craig Winkler.