Financial and practice management software developer Rippe & Kingston has received a majority investment from ParkerGale Capital.
Ohio-based Rippe & Kingston provides law firms with a single-solution for revenue and expense management, timekeeping, practice management and analytical reporting. The cloud-based platform offers accounting tools for accounts payable, billing, collections, cost recovery, trust accounting, general ledger and report writing, among others.
Its accounts payable service helps the firm to accept payments and ensure that expense reporting is automatically updated.
Following this investment, the company hopes to further invest across all its departments, particularly its support and services team. Funds will also be set for product development and boosting revenue through sales and marketing efforts.
ParkerGale partner Kristina Heinze said, “Increased pressure on law firm margins combined with the powerful and flexible cloud software Mr. Kingston [Ripple & Kingston co-founder] and his team have built make this an extremely compelling opportunity for us.”
Earlier in the week, revenue cycle management software developer Ontario Systems acquired Justice Systems, for an undisclosed amount. Justice Systems builds court case management and electronic payment solutions, and this merger will see its technology integrated with Ontario’s receivables workflow and payment follow-up automation services.
Infrastructure and enterprise software companies represented the second biggest FinTech sector in North America last year, according to data by FinTech Global. The space received $3.2bn, which is around 20 per cent of the total $16.7bn deployed in the US over 2017.
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