News & Analysis

An MYOB co-founder just backed a $26 million Series B for an accountancy software startup

- September 17, 2019 1 MIN READ

 

Practice Ignition, cloud-based software that helps accounts manage their own business, has raised AU$26 million in a series B, led by New York’s Tiger Global Management.

MYOB co-founder and Xero Board member, Craig Winkler and Right Click Capital were among those also investing in the software startup, co-founded by Guy Pearson in Sydney in 2011.

Practice Ignition integrates with accounting software such as Xero and Quickbooks, and allows allows accountants and bookkeepers to manage their practices and automate time-consuming work, from digital contracts to onboarding clients, processing payments, automatically raising invoices and deploying workflow in connected third party applications.

Guy Pearson, Practice Ignition’s CEO and co-founder

Pearson, Practice Ignition’s CEO, said the company now services 3000 firms globally, with half of those businesses located in Australia.

“To keep up with this global growth, our team has doubled from 30 to 60 people, since 2017. This latest injection of funding will be used to continue expanding our specialist team and focus on building deeper relationships with our rapidly expanding global customer base,” he said.

“We’re building a transformational company that changes the fabric of how services companies can run their business. The biggest benefit of the platform is giving back time spent by accountants and bookkeepers running their businesses.”

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