Netgain, a software solutions firm for finance and accounting teams, has announced a $35m minority investment from Summit Partners.
This strategic financial boost is set to propel product development, team expansion, and support Netgain’s mission of automating routine tasks for accountants, thereby optimizing their daily operations.
Founded in 2018 by Nathan Smart and Adam Riches, Netgain embarked on a journey to modernize the Office of the CFO. Drawing from their extensive experience as auditors, controllers, and finance managers, Smart and Riches understood the intricate challenges that professionals in the finance and accounting sector confront. Their solution was to develop NetSuite-native software that streamlines and automates critical accounting processes, including lease accounting, fixed asset management, advanced revenue recognition, month-end close, loan management, and enhancing financial workflows, all within the NetSuite ERP system.
The investment by Summit Partners is poised to accelerate Netgain’s product innovation, facilitating a more integrated and efficient technological transformation within the Office of the CFO. This comes at a crucial time as the accounting industry grapples with a talent drain, due to declining enrollments in accounting programs and a surge in retirements, alongside the burnout experienced by accounting and finance teams working long hours with outdated technology. Netgain’s solutions aim to mitigate these challenges by saving time, improving transparency, and empowering teams to make impactful business decisions.
Summit Partners’ Managing Director, Greg Goldfarb, who has joined Netgain’s Board of Directors, highlighted the significant opportunity for innovation within the Office of the CFO and expressed confidence in Netgain’s capability to deliver modern, integrated solutions that enhance the efficiency and effectiveness of accounting and finance teams.
In the wake of this funding, Netgain has also acquired SuperSync, a NetSuite application business from SCS Cloud, enhancing its service offerings for finance and accounting professionals seeking more comprehensive integrations and capabilities. This acquisition, alongside the funding, underscores Netgain’s commitment to driving growth and innovation in the FinTech sector.
“Netgain has experienced impressive growth over the last several years—growing annualized recurring revenue by 80 percent from 2022 to 2023 and new customer logos by 400 percent in the past 24 months. Netgain now has over 1,600 customers with high retention. We look forward to working with Nathan, Adam, and the entire team to continue building on this momentum,” Goldfarb remarked on the investment and future prospects.
Netgain’s previous achievements and investments underline its continued success and ambition in the FinTech landscape.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
