Netgain, a leading software provider for finance and accounting teams, announced a $35 million minority investment led by Summit Partners. The funding round will drive product development and team expansion while supporting Netgain’s commitment to helping accountants free up time by automating routine tasks.
Netgain’s NetSuite-native software solutions automate key accounting processes, including lease accounting, fixed asset management, advanced revenue recognition, month-end close, loan management, and improved financial workflow — without requiring the user to leave their system of record.
This funding comes on the heels of Netgain acquiring SuperSync, SCS Cloud’s NetSuite application business, to better serve the needs of finance and accounting professionals who need greater integrations and fulfillment capabilities.
Netgain was launched in 2018 to modernize the Office of the CFO. The company’s founders, Nathan Smart and Adam Riches started their careers as auditors, controllers, and finance managers.
KEY QUOTES:
“From our earliest days, we’ve been on a mission to build enjoyable, intuitive, and complete accounting and finance solutions that simplify, standardize, and automate a company’s key financial processes—exactly where these processes belong—natively within their NetSuite ERP. Rather than manually manipulating and reconciling against external systems and spreadsheets, accountants can now confidently rely on financial data from a single source of truth, enabling more focus on driving enterprise value with improved analysis and insights.”
– Nathan Smart, President and Co-founder of Netgain
“We believe there’s significant opportunity for innovation in the Office of the CFO. Today, many accounting and finance teams are still working with multiple tools and brute-forcing solutions in spreadsheets—drastically limiting the efficiency and effectiveness of these teams. Our investment in Netgain underscores our confidence in the company’s ability to deliver modern, integrated solutions that will help the Office of the CFO undergo efficient technological transformation and drive economic growth for their organizations.”
“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.”
– Greg Goldfarb, a Managing Director at Summit Partners who has joined the company’s Board of Directors
