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Accountancy software platform plans further expansion following funding boost

Accountancy software platform plans further expansion following funding boost

North AmericaSoftwareTop Stories

Ageras Group, a group of companies backed by Investcorp Technology Partners ‘ITP’) that offers a range of mission-critical accountancy software solutions to small businesses, has announced it has received a US$73 million investment.

The firm, also known for its online marketplace which helps business owners save time and money by comparing quotes from qualified accountants, plans to continue expanding its matchmaking service globally and acquire more businesses that make life easier for small business owners.

Ageras will be utilising the investment round from Lugard Road Capital – a multi-billion dollar global investment fund focused on public and private companies in the Internet, software, consumer and technology sectors – to grow the business in the US and abroad, and acquire more Business-to-Business (‘B2B’) software companies.

Ageras also aims to begin building banking services directly into its current offerings. The company’s fully integrated, on-demand accounting ecosystem will encompass accounting talent sourcing, digital accounting services and bank services. Clients will have a one-stop dashboard from which they can control all of their company’s financial requirements – for example, time tracking, invoicing, live on-demand P&Ls, cash flows and a myriad of bank solutions.

“By 2023, we’ll be well-positioned as a data-driven, one-stop solution for SMEs and will have our sights set on subsequent acquisitions,” said Rico Andersen, Co-founder and Group CEO. “Therefore, we will be investing our cash injection to continue growing our marketplace globally and acquiring businesses that eliminate the administrative burden of running a business, so owners can focus on growing and developing their businesses instead of maintenance.”

After being bootstrapped for five years, Ageras has been backed by ITP since 2017. ITP will continue as majority shareholders, supporting the company’s ambitions to grow towards a potential IPO. A part of the US$35B AUM alternative asset manager Investcorp, ITP has led investments in other successful technology companies, such as Avira, Impero, Calligo, softgarden and Ubisense.

“Ageras makes life easier for business owners by giving them the financial tools for success. We are able to expedite and address any accounting need in an easy and accurate fashion,” said Martin Hegelund, Co-founder and Group CMO. “Beyond offering a full suite of online accounting software solutions and soon-to-come banking solutions, our online marketplace allows businesses to find curated and pre-vetted accountants who are well-suited for their particular project and budget.

“Concurrently, we provide a hands-off, user-friendly and convenient marketing solution for accountants, allowing them to spend more time running their firm and less time worrying about marketing.”

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