Platform Accounting Group Secures $85 million in Funding Led by Cynosure Group
Platform Accounting Group announced the close of an $85 million minority funding round, led by Cynosure Group.
Cynosure Group led the funding round, with continued participation and support from early investors Swell Capital out of Salt Lake City, Utah and Peery Capital out of Palo Alto, Calif.
The Utah-based company acquires and supports the operation of boutique professional services firms that are focused on providing tax compliance, attest, outsourced accounting, ERP consulting, and soon wealth advisory services to individuals and small businesses.
Platform's unique model provides staffing, enterprise-grade technology and processes and best-in-class 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.
"Currently, smaller accounting firms are under threat," said Reyes Florez, CEO of Platform. "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."
"Cynosure was built to partner with founder-led businesses who have strong management teams, positive cash flow and compelling growth projections," said Zach Larkin, managing director of Cynosure. "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."
About Platform
Platform is a national group of professional services firms created to preserve the dynamics of small firm cultures while incorporating the technology and connectedness of the 21st century. We offer local teams enterprise-grade resources, capabilities and support so they can focus their time and energy on personal, high-touch relationships with their clients. Find out more at http://www.platformag.com.
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