New collaboration with Consero founders and management represents the most significant funding event for a Finance as a Service company
AUSTIN, Texas, Aug. 21, 2018 /PRNewswire/ — Consero Global, a leader in Finance as a Service, has received $50 million in private equity funding from Boston-based BV Investment Partners in collaboration with Consero founders and management. Among the largest single funding events in history for a mid-market Finance as a Service company, this collaboration will support accelerated organic growth through expansion of Consero’s business development efforts and continued development of disruptive technologies. It will also facilitate a focused acquisition strategy.
Consero provides a preferred finance and accounting platform for mid-sized companies
“This event further validates Consero’s vision for the Finance as a Service market. Companies don’t want another piece of software to cobble together, they want complete solutions,” stated Scott Tynes, CEO, Consero Global. “With this partnership with BV Investment Partners we have the opportunity to grow our customer base exponentially, making Consero the go-to choice for companies who demand both financial excellence and operational efficiency.”
Small and mid-market companies struggle to establish cost-effective finance and accounting functions. Instead, in-house F&A consumes resources, drives higher costs and distracts management time away from addressing corporate objectives. Traditional attempts to solve common struggles of the finance department have been based on a consulting approach. Consero’s Finance as a Service solutions take a managed platform approach as opposed to a consulting project.
For more than a decade, Consero has combined innovative integrated software, including its recently announced SIMPLfinancial management console with traditional CFO, controller and bookkeeping services. This platform approach quickly gives companies financial clarity into how their business is performing as well as a scalable infrastructure to support daily business operations. All of this comes without the time, cost and effort of creating and managing a full in-house finance and accounting department.
“Technology is growing more and more critical in delivering finance and accounting services,” said Bill Klein, President, Consero Global. “Working with BV will enhance our rate of innovation, especially the incorporation of artificial intelligence driven automation into our SIMPL platform.”
SIMPL is Consero’s cloud-based financial command center that delivers financial clarity with an intuitive, easy-to-use interface. The SIMPL platform scales with a company to quickly meet the needs of a growing enterprise, from start-up through IPO and well beyond. With Consero’s services, companies can afford Fortune 500 level financial tools no matter their size.
Long-time investor in technology-enabled business services excited to play a role in Consero’s growth
“We were first introduced to Consero as a financial solution for our Funds’ portfolio companies. Having knowledge of some of the challenges that mid-market companies experience to generate timely and accurate financial information, we were quick to identify Consero’s platform as critical for informed decision making in a growth environment,” said Matt Kinsey, Managing Director of BV. “The Consero offering has a proven ROI for its customers and is imperative for business operations and management. We are excited to be involved in this pivotal next stage of growth for the Company.”
“We are thrilled to partner with Consero’s management team to further build upon the Company’s established leadership position. Partnering with market disruptors with leading-edge innovation and technology solutions is a core tenet of our investment philosophy,” added Jason Kustka, Principal at BV. “Consero has created a truly unique platform that is quickly becoming mainstream in an underserved market.”
Atlas Technology Group served as the financial advisor to Consero Global in the transaction. Today’s funding follows a 2015 investment by Kayne Partners.
About Consero Global:
Founded in 2006 by Scott Tynes, Bill Klein and Kiran Jagannath, Consero Global disrupts the way businesses build and maintain their finance & accounting function. Through a cloud-based platform, Consero delivers the financial clarity and efficiency needed to drive a business forward. Strategic CFOs are adopting Consero’s cutting-edge, Finance as a Service model to free up time and understand how the business is performing. Serving over 250 clients, Consero provides the control and insight needed to steer businesses toward success. Contact Consero Global for more information about gaining greater control of your financial operations. www.conseroglobal.com
About BV Investment Partners:
BV Investment Partners is currently investing its ninth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $3 billion in over 90 companies, actively targeting investments in the business services and information technology services industries. For more information, please visit www.bvlp.com.