ProfitSolv, the father or mother firm to a gaggle of observe administration and funds merchandise for authorized, accounting {and professional} companies companies, stated at present that it has secured a big strategic funding co-led by non-public fairness companies FTV Capital and Lightyear Capital.
The corporate stated that the funding will probably be used to drive product innovation, strengthen its funds providing and broaden the enterprise via accretive M&A.
As I defined in my sequence final yr, The Shrinking Possession of Legislation Observe Administration Expertise, ProfitSolv owns the observe administration platforms CosmoLex, Orion, Rocket Matter and Tabs3, the authorized billing platform TimeSolv, the authorized funds platform LexCharge, the CRM platform Legislation Ruler, the social media platform Clear View Social, and the web site design and advertising and marketing website TitleTap.
It was shaped in 2020 by Lightyear Capital, beginning with the acquisitions that yr of TimeSolv, Rocket Matter and LexCharge. It acquired Tabs3 and Cosmolex in 2021, as this weblog reported on the time.
Final November, Fortune reported that Lightyear was planning to hunt a purchaser for ProfitSolv. Final month, it reported that the method of searching for a purchaser was actively underway.
However at present’s announcement means that Lightyear is retaining a big curiosity within the firm, whilst FTV comes aboard as a lead investor. The corporate and its buyers declined to reveal particulars of the quantity or phrases of the deal.
In asserting the funding, ProfitSolv stated that it has a consumer base serving roughly 21,000 companies throughout the USA and processing over $20 billion in annual invoicing.
“We’re thrilled to welcome FTV as a brand new investor – a agency that brings distinctive experience in scaling vertical software program and funds companies and shares our product-centric and customer-first strategy,” Kelley Castell, CEO of ProfitSolv, stated within the announcement. “With FTV and Lightyear, ProfitSolv is optimally positioned to proceed our formidable progress trajectory whereas remaining steadfast in our dedication to delivering distinctive worth to our shoppers.”
Kyle Griswold, associate at FTV Capital, stated of the funding: “ProfitSolv has established itself as a frontrunner throughout the authorized, accounting {and professional} companies ecosystem due to its strong expertise providing combining best-in-class software program and funds capabilities. Unlocking progress for main vertical software program companies is a key focus space for FTV. Now we have sturdy conviction within the firm’s platform and its future progress prospects and stay up for partnering with the ProfitSolv group and Lightyear to capitalize on the corporate’s distinctive market place.”
Michal Petrzela, associate at Lightyear, stated: “ProfitSolv’s worth proposition has been validated by sturdy market demand and our skill to scale the enterprise 10x since its 2020 launch. We’re excited to proceed to associate with Kelley and group for this subsequent chapter of progress. We welcome FTV Capital to this partnership and consider that our shared imaginative and prescient and experience will drive continued innovation for ProfitSolv within the years to come back.”
