Platform Accounting Group announced the close of an $85 million minority funding round led by Cynosure Group. There was also continued participation and support from early investors Swell Capital and Peery Capital.
The Utah-based company acquires and supports the operation of boutique professional services firms focused on providing tax compliance, attest, outsourced accounting, ERP consulting, and soon wealth advisory services to individuals and small businesses. Platform’s model provides staffing, enterprise-grade technology and processes, and sophisticated operational support to local teams while preserving the dynamics and autonomy of small office cultures. The company was founded in 2015 and has helped accounting and professional services firms across the country thrive in a rapidly changing industry and world.
The new funds will allow Platform to continue building on its existing footprint of 28 offices as well as its current service offering.
KEY QUOTES:
“Currently, smaller accounting firms are under threat. Without much needed capital, operational support and staffing resources, it’s becoming harder and harder for these firms to compete and thrive. Platform believes boutique firms play a critical role in local economies and we take a lot of pride in seeing them grow, evolve and succeed.”
– Reyes Florez, CEO of Platform
“Cynosure was built to partner with founder-led businesses who have strong management teams, positive cash flow and compelling growth projections. Like Platform, we believe in long-term decision-making and are big fans of the approach and work Platform has been doing for almost a decade now. We are proud to provide additional capital, expertise and support for their future.”
– Zach Larkin, managing director of Cynosure
