VC-Backed Firm Strengthens Position as Next-Generation Accounting Advisors
Benchmark Cloud Accounting Scales with Acquisition of Botkeeper's Direct Business Customers
AUSTIN, Texas, Aug. 11, 2021 /PRNewswire/ -- Benchmark Cloud Accounting (BMCA) has acquired Botkeeper's direct customers which consists of more than 200 businesses across the U.S. in a variety of industries.
The acquisition allows the venture-funded BMCA, founded in spring 2021 and propelled by an initial seed round of $5,100,000, to accelerate its mission of providing cloud-based accounting and advisory services to entrepreneurial, tech-savvy businesses.
"We currently leverage the Botkeeper platform so this made perfect sense for us," said Matt Elson, CEO, BMCA. "This was a large, strategic move that will drive growth and our ability to service clients with more offerings."
Cloud-based technologies are disrupting the mature accounting industry. While traditional accounting firms are trying to mesh these technologies into their existing practices with mixed success, BMCA's next-generation accounting services shift basic accounting functions like bookkeeping to technology platforms like Botkeeper, freeing clients to work with their accountants on a more strategic advisory level.
Botkeeper announced in early 2020 that is would dedicate its business focus solely to the accounting profession. The company, which provides bookkeeping and pre-accounting services utilizing artificial intelligence and machine learning, connects businesses that want to use its platform to their Accounting Firm Partners.
"As one of our premier accounting partners, we are highly confident that Benchmark will provide these businesses with the best possible accounting and bookkeeping services utilizing the Botkeeper platform they know and count on," said Enrico Palmerino, founder and CEO, Botkeeper.
A key industry vertical for BMCA is venture-funded, tech-savvy businesses — businesses like their own with whom they can grow.
"It's imperative that we provide services to tech companies in the cloud where they currently operate," said Elson. "With timely financial data at our fingertips, we're focused on advising clients in areas such as forecasting, processes and procedures, due diligence, start-up fund-raising and more. That's the next generation of advisory services they need to go from initial seed funding to a liquidity event."
By connecting Botkeeper's customers to BMCA, the companies aim to provide end users with a high-quality experience using best-in-class technology paired with the expertise and advisory knowledge of seasoned accounting professionals.
"Benchmark is a quintessential example of what a firm can accomplish by leveraging technology and focusing on providing the specialized and higher margin advisory services that we do not," said Palmerino. "We're humbled to have played such a large part in enabling their rapid growth."
In the future, BMCA will continue to expand through acquisition with the help of investors while capitalizing on the latest technology to help their clients.
Benchmark Cloud Accounting (BMCA) offers advisory, controller and critical thinking accounting services utilizing best-in-class cloud-based technologies to maximize the financial success of small- and medium-businesses. BMCA works with VC-backed companies at any stage of growth, supporting their efforts in successful growth and fundraising. Founded in 2021m BMCA is headquartered in Austin, Texas. Learn more at BenchmarkCloudAccounting.com.
Media Contact: Kate Tolin, 330-984-4000, [email protected]
SOURCE Benchmark Cloud Accounting
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