CIBC Innovation Banking provided a multi-million-dollar growth capital facility for Practice Ignition, an accounting and client engagement platform. Practice Ignition plans to use the financing to invest in its proprietary product and technology and further accelerate growth.
Practice Ignition provides a client engagement platform and front office system of record for accountants and bookkeepers that facilitates proposals, payments and business insights.
“CIBC Innovation Banking is pleased to support Practice Ignition in its global expansion and continued development of its comprehensive accounting management solution,” Caroline Tkatschow, director in CIBC Innovation Banking’s New York office, said. “Their top tier management team has developed a highly scalable platform that is uniquely positioned to dramatically disrupt and transform the accounting industry.”
“We are focused on building the front-end system of record for accountants and bookkeepers as they re-imagine their practices to run in the cloud and transform the way they engage with and deliver services to their clients,” Guy Pearson, CEO and co-founder of Practice Ignition, said. “With COVID-19 accelerating these changes, PI enables our customers to quickly adapt the way they run their practice and interact with their clients to be as efficient as an e-commerce business.
“The last 12 months have seen an acceleration in the number of accountants and bookkeepers moving away from multiple programs and tools to using a smart, connected front-end system which can drive their back office. With the new product improvements we are bringing to market, we are excited to help our customers recover and grow through these challenging times where accountants and bookkeepers play such a vital role in helping businesses adapt and survive. We are pleased to work with CIBC Innovation Banking to help power our next phase of growth.”
