Aiwyn, a provider of technology solutions for accountants and CPA firms, has closed a $113 million funding round.
The money will help the company continue its evolution from its original focus on payments and collections for accounting firms into a more comprehensive tool for practice management.
Among other things, that will include building a universal client experience portal, where accountants can access all of their engagements in one place.
The funding will also be used to accelerate product development on both the company’s practice management platform, and a tax solution that it is working on.
“Aiwyn is committed to empowering CPA firms to elevate their operations and client relationships,” said chairman and CEO Justin Adams, in a statement. “With this investment, we are poised to redefine how firms manage their operations from the CRM to the general ledger, while setting a new benchmark for client experiences. For too long, firms have had to decide between a legacy vendor or modern point solutions. We are proud that Aiwyn is a trusted platform for CPA firms.”
The round was led by global investment firm KKR and Bessemer Venture Partners. KKR is funding the investment primarily from its Next Generation Technology III Fund.
“The accounting industry represents a large market that has long been served by legacy players,” said Jackson Hart, a principal on KKR’s technology growth team, in a statement. “Aiwyn is solving a clear functionality gap in the market with a solution that is easily adopted and rapidly delivers tangible enhancements to the customer experience, most noticeably through significant reductions in days sales outstanding.”
“Aiwyn’s product suite is already quite impressive, but the company is really just getting started on its quest to deliver compelling technology to the accounting industry,” added Bessemer partner Jeremy Levine, in a statement.
Cooley LLP served as legal advisor to Aiwyn; Latham & Watkins LLP as legal advisor to KKR; and Arnold & Porter Kaye Scholer LLP as legal advisor to Bessemer.
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