ProfitSolv, the mum or dad firm to a bunch of follow administration and funds merchandise for authorized, accounting {and professional} companies companies, mentioned at this time that it has secured a big strategic funding co-led by personal fairness companies FTV Capital and Lightyear Capital.
The corporate mentioned that the funding will probably be used to drive product innovation, strengthen its funds providing and increase the enterprise by accretive M&A.
As I defined in my collection final 12 months, The Shrinking Ownership of Law Practice Management Technology, ProfitSolv owns the follow administration platforms CosmoLex, Orion, Rocket Matter and Tabs3, the authorized billing platform TimeSolv, the authorized funds platform LexCharge, the CRM platform Law Ruler, the social media platform Clear View Social, and the web site design and advertising web site TitleTap.
It was fashioned in 2020 by Lightyear Capital, beginning with the acquisitions that 12 months of TimeSolv, Rocket Matter and LexCharge. It acquired Tabs3 and Cosmolex in 2021, as this blog reported at the time.
Final November, Fortune reported that Lightyear was planning to hunt a purchaser for ProfitSolv. Final month, it reported that the method of in search of a purchaser was actively underway.
However at this time’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 mentioned 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 method,” Kelley Castell, CEO of ProfitSolv, mentioned within the announcement. “With FTV and Lightyear, ProfitSolv is optimally positioned to proceed our bold progress trajectory whereas remaining steadfast in our dedication to delivering distinctive worth to our shoppers.”
Kyle Griswold, accomplice at FTV Capital, mentioned of the funding: “ProfitSolv has established itself as a frontrunner throughout the authorized, accounting {and professional} companies ecosystem due to its sturdy 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. We’ve sturdy conviction within the firm’s platform and its future progress prospects and sit up for partnering with the ProfitSolv crew and Lightyear to capitalize on the corporate’s distinctive market place.”
Michal Petrzela, accomplice at Lightyear, mentioned: “ProfitSolv’s worth proposition has been validated by sturdy market demand and our capability to scale the enterprise 10x since its 2020 launch. We’re excited to proceed to accomplice with Kelley and crew 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 return.”
