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Tracxn Research - Finance and Accounting Landscape, August 2016

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$3.3B has been invested in the finance and accounting startup landscape in 2015/2016, which witnessed the highest funding activity in 2015 ($2.6B, 124 rounds).

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Finance and Accounting Report, August 2016 Tracxn World’s Largest Startup Research Platform 2
Finance and Accounting Report, August 20163 Contents 3 Topic Page No. Scope of Report 05 Entrepreneur Activity 07 Investment Trend 11 Who is Investing 19 Exit Outlook - IPO, Acquisitions 23 Sub Sector Analysis 26 Interesting Companies 44 Useful Links 54 Company List 57 Team & About Tracxn 285
Finance and Accounting Report, August 20164 Illustrative Sectors We Track ENTERPRISE INFRASTRUCTURE TECH SECURITY STORAGE NETWORKING MOBILITY IT OPS CLOUD INFRASTRUCTURE API MANAGEMENT BIGDATA INFRASTRUCTURE INTERNET OF THINGS 3D PRINTING FINTECH CONSUMER BITCOIN PAYMENTS INVESTMENT TECH INSURANCE TECH CROWDFUNDING ALTERNATIVE LENDING FINANCE AND ACCOUNTING BANKING TECH MARKETPLACES FOOD TECH MOBILE EDUCATION MOBILE COMMERCE MOBILE PAYMENTS MOBILE MARKETING MOBILE DEV TOOLS MOBILE HEALTH MOBILE GAMING MOBILE LEARNING MOBILE COMMUNICATION EDUCATION IT SELF LEARNING ENTERPRISE APPLICATIONS HEALTHCARE SAAS MOBILE-FIRST ENT. APPS INTELLIGENT ENT. APPS OPEN SOURCE RETAIL TECH MARKETING TECH STEALTH MODE VERTICAL SAAS LIFE SCIENCES DIGITAL HEALTH
Finance and Accounting Report, August 20165 Sector Overview Scope of report This report contains companies which offer software for automating functions of finance and accounting department of an organization. These softwares record and process accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, trial balance, inventory, general ledger. The report also includes companies which offer software for auditing, taxation and end-of-month account reconciliation. The report also include companies that offer software for digitizing the paper-based transactions of a business. Companies which provide software to CPA firms to collaborate and share confidential documents with their clients are also included. Companies offering business insights using accounting data for budgeting, planning and forecasting are also included. The scope of this report includes equity as well as debt funding received by the companies. Business Model Description Accounting Suite Provides integrated invoicing, expense management, account reconciliation, auditing and payroll solutions Bookkeeping Companies tracking and recording every transaction of a business. Invoicing Offers automated invoicing solutions with online payments Payroll & Benefits Management Provides automated payroll, time-tracking, tax filings and various compliance related functions Expense Management Offers expense management solutions including reporting and spend analytics Quote-to-cash Automated management of sales cycle from creating quote to managing contract and billing Procure-to-pay Automated management of procurement cycle from purchase order creation to payments Auditing Provides auditing solutions to perform various audit checks Taxation Delivers compliance solutions related to sales tax and other transactional taxes Corporate Performance Management Offers financial planning tools for budgeting, planning and forecasting Accounting Enablers Offers solutions for accounting data standardization and collaboration Account Reconciliation Offers month end account reconciling applications
Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 66
Finance and Accounting Report, August 2016 53 66 69 92 107 98 15 0 24 48 72 96 120 2010 2011 2012 2013 2014 2015 2016 NumberofCompanies 7 YoY – Number of companies founded Tidemark Gusto Viewpost Zenefits Dazhangfang Smacc Pointdexter MineralTree, Inc. Cloudability freee Bento Canopy And Co TrusTill
Finance and Accounting Report, August 20168 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 52 2011 18 Bookkeeping $58M Bench 2012, Vancouver 94 2009.3 41 Expense Management - Expense Reporting Software $812M Chrome River, 2007, Los Angeles 21 2008.8 10 Expense Management - Expense Cards $84M Itzcash, 2006, Mumbai 54 2008 30 Quote-to-cash - Subscription Billing $162M Vindicia, 2003, Redwood City 21 2007.6 6 Invoicing - Payables & Receivables - Receivables - Time Tracking $37M Tsheets, 2006, Eagle 200 2007.4 89 Invoicing - Payables & Receivables $1.5B Bill.com, 2006, Palo Alto 33 2007.4 12 Taxation - Tax Filing $679M Avalara, 2004, BainBridge Island 38 2007.4 16 Corporate Performance Management - Budgeting and Forecasting $54M Cloudability, 2011, Portland
Finance and Accounting Report, August 20169 Niche Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Tracxn Picks 3 2013.7 2 Accounting Enablers - Collaboration Software $5M Karbon, 2014, Sydney 10 2011.1 7 Invoicing - Dynamic Discounting Platforms $349M Taulia, 2009, San Francisco 27 2010.9 11 Accounting Enablers - Data Standardization $58M Receipt Bank, 2011, London 9 2010.2 4 Auditing $6M AuditFile, 2011, San Francisco 4 2009.2 4 Corporate Performance Management - Cap Table Management $73M Certent, 2002, Pleasanton
Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 0 10
Finance and Accounting Report, August 201611 YoY – Number of Rounds and Total Funding Note: The funding includes debt rounds also. $503M $565M $580M $491M $454M $973M $1.1B $2.6B $614M 30 58 52 63 87 83 115 124 68 0 28 56 84 112 140 0 600 1200 1800 2400 3000 2008 2009 2010 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inBillions) Funding Amount Number of Rounds
Finance and Accounting Report, August 201612 YoY – Number of Rounds by Stage 17 38 38 50 51 20 26 30 24 34 38 29 12 12 18 22 23 11 0 24 48 72 96 120 2011 2012 2013 2014 2015 2016 NumberofRounds Seed Early Late
Finance and Accounting Report, August 201613 YoY – Funding by Stage $15M $21M $25M $41M $41M $22M $174M $203M $125M $348M $588M $176M $183M $216M $706M $641M $1.4B $364M 0 500 1000 1500 2000 2500 2011 2012 2013 2014 2015 2016 TotalFundingAmount(inMillions) Seed Early Late
Finance and Accounting Report, August 201614 Average Ticket Size – Early Stage $0.8M $0.9M $0.8M $1.0M $1.0M $1.3M $4.5M $8.5M $7.6M $7.8M $7.0M $5.2M $12.4M $9.9M $10.7M $16.7M $33.8M $14.4M 0.0 8.0 16.0 24.0 32.0 40.0 2011 2012 2013 2014 2015 2016 FundingAmount(inMillions) Seed Series A Series B
Finance and Accounting Report, August 201615 Top investments in last one year Company Funding Amount Round Name Date Investors ryan.com Zenefits (San Francisco, 2013) $500M Series C May-2015 Fidelity Investments, TPG, Sound Ventures, Insight Venture Partners, Founders Fund, Khosla Ventures, Andreessen Horowitz, IVP avidxchange.com AvidXchange (Charlotte, 2000) $225M Series B Sep-2015 Bain Capital Ventures, Foundry Group, Nyca Partners, KeyBank, Square 1 Bank apttus.com Apttus (San Mateo, 2006) $108M Series C Sep-2015 Iconiq Capital, K1 Investment Management, Salesforce, Kuwait Investment Authority anaplan.com Anaplan (San Francisco, 2006) $90M Series E Jan-2016 Baillie Gifford, Founders Circle Capital, Harmony Partners, Brookside Capital, Coatue, DFJ Growth, Granite Ventures, Meritech Capital, Salesforce, Sands Capital, Shasta Ventures tradeshift.com Tradeshift (San Francisco, 2009) $75M Series D Jun-2016 Data Collective, HSBC Group, American Express, Notion Capital, CreditEase, Pavilion Capital Partners ariasystems.com Aria (San Francisco, 2003) $50M Series E Feb-2016 Bain Capital Ventures, Hummer Winblad Venture Partners, InterWest Partners, Venrock, VMware, Rembrandt Venture Partners, madbaycap.com, Hercules Capital gusto.com Gusto (San Francisco, 2011) $50M Series B Dec-2015 General Catalyst Partners, Google Capital, Obvious Ventures steelbrick.com SteelBrick (Palo Alto, 2002) $48M Series C Oct-2015 IVP, Emergence Capital, Salesforce, Shasta Ventures Note: This list does not include the debt financing rounds: Ryan ($300M, 2015), Intacct ($40M, 2015)
Finance and Accounting Report, August 201616 Top investments in last one year Company Funding Amount Round Name Date Investors taulia.com Taulia (San Francisco, 2009) $46M Series E Jan-2016 Zouk Capital c2fo.com C2FO (Fairway, 2008) $40M Series D Aug-2015 Mithril, Temasek, OpenAir Equity Partners, Summerhill Venture Partners, Tiger Global Management, Union Square Ventures justworks.com Justworks (New York City, 2012) $33M Series C Mar-2016 Redpoint Ventures, Bain Capital Ventures, Thrive Capital, Index Ventures transactis.com Transactis (New York City, 2001) $30M Series E Apr-2016 Fifth Third Bancorp, PNC Financial Services Group, Safeguard Scientifics, TD Bank, Wells Fargo, Capital One freee.co.jp freee (Minato, 2012) $30M Series C Aug-2015 DCM Ventures, Recruit Holdings tradeshift.com Tradeshift (San Francisco, 2009) $29M Series D Jul-2015 Data Collective, HSBC, American Express Ventures, Notion Capital, Creditease Fintech Investment Fund, Pavilion Capital gusto.com Gusto (San Francisco, 2011) $25M Series B Mar-2016 Undisclosed
Finance and Accounting Report, August 201617 Funnel view of Sector 123 66 106 245 403 988 0 240 480 720 960 1200 M&A & IPO Late Series B Series A Funded Founded Number of Companies
Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 8 18
Finance and Accounting Report, August 201619 Most Active Investors in Sector 16 15 15 13 13 12 12 12 11 10 0 4 7 11 14 18 Salesforce Battery Ventures Emergence Capital DCM Ventures Shasta Ventures Accel Greylock Partners Sigma Partners Redpoint Ventures 500 Startups TotalNumberofCompanies BigMachines Avalara Gusto Bill.com Zuora Xero Zuora Intacct Zuora Cloudability Anaplan Coupa Bill.com freee Anaplan Invoice2go Workday eDocs Tidemark AuditFile
Finance and Accounting Report, August 201620 Where are Top Investors investing Salesforce Battery Ventures Emergence Capital DCM Ventures Shasta Ventures Accel Greylock Partners Sigma Partners Redpoint Ventures 500 Startups Invoicing PrimeRevenue Cortera Bill.com Bill.com Invoice2go eDocs Everbill Intiza FlowAccount Accounting Suite FinancialForce A-SaaS Intacct Intacct freee Xero Workday Intacct Payroll & Benefits Management Gusto Gusto Justworks PayrollHero Corporate Performance Management Anaplan Adaptive Insights Anaplan Trufa Tidemark Tidemark Cloudability Quote-to-cash BigMachines Apttus SteelBrick SteelBrick Vindicia Zuora SteelBrick MetraTech GoCardless Chargebee Zuora Hybris Zuora Procure-to-Pay Coupa Expense Management Kds Expensify AppZen
Finance and Accounting Report, August 201621 Top Investor by Stage of Entry Y Combinator 9 500 Startups 8 Techstars 5 Point Nine Capital 4 Business Development Bank of Canada 3 Enterprise Ireland 3 FundersClub 3 General Catalyst Partners 3 Kima Ventures 3 Andreessen Horowitz 2 Bain Capital Ventures 5 Emergence Capital 4 Salesforce 4 Accel 3 Battery Ventures 3 Shasta Ventures 3 Sigma Partners 3 Apex Venture Partners 2 Arbor Ventures 2 Charles River Ventures 2 Salesforce 5 Battery Ventures 4 Greylock Partners 4 Accel 3 American Express 3 Bain Capital Ventures 3 Bessemer Venture Partners 3 DCM Ventures 3 Emergence Capital 3 Iconiq Capital 3 Seed Series A Series B Later Stage Accel 5 Polaris Partners 3 Salesforce 3 e.ventures 3 500 Startups 2 Andreessen Horowitz 2 Battery Ventures 2 Commonwealth Capital Ventures 2 CrunchFund 2 DCM Ventures 2
Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 2 22
Finance and Accounting Report, August 201623 Top IPOs in last four years IPO Date Company Overview Funding Amount Exch:Ticker Mar-2016 cerillionskyline.com Cerillion Skyline (London, 1999) Subscription billing, charging and CRM solution provider. Baird Capital, Digital $9M LON:CER Apr-2014 paycom.com Paycom (Oklahoma City, 1998) Payroll Solution $99.7M PAYC Mar-2014 paylocity.com Paylocity (Arlington Heights, 1997) Cloud based Payroll and HR Service Adams Street Partners $10M NASDAQ:PCTY Mar-2014 promikbook.com PromikBook (Gothenburg, 2010) Billing and bookkeeping software provider. PB Jan-2014 themint.ae The Mint Corporation (Dubai, 2009) Gateway, POS and prepaid payroll card services TSX VENTURE:MIT Dec-2012 wdesk.com Wdesk (Ames, 2008) Cloud based platform for risk, compliance, finance and audit 53.84M WK Oct-2012 workday.com Workday (Pleasanton, 2005) Human Resources and Financial Management Suite Greylock Partners, Kalaari, Morgan Stanley, NEA, InterWest Partners, T. Rowe Price, Bezos Expeditions $238.5M WDAY
Finance and Accounting Report, August 201624 Major Acquisitions Date Company Acquirer Deal Size Overview Total Funding Jul-2014 nuviewinc.com NuView Systems (Austin, 1994) ignitetech.com Undisclosed HRIS/HRMS Payroll software Petra Capital Partners $7.1M Oct-2013 avangate.com Avangate (Redwood Shores, 2006) franciscopartners.com Undisclosed eCommerce and channel sales management solution provider Francisco Partners, 3TS Capital Partners, GECAD $7.5M Mar-2013 abila.com Abila (Austin, 1982) accel-kkr.com Undisclosed Grant Management for Non-profits and government agencies Oct-2012 optionease.com OptionEase (San Juan Capistrano, 2006) solium.com Undisclosed On-demand accounting compliance solution Tech Coast Angels, Miramar Venture Partners, Pasadena Angels $4M Jul-2012 directocard.com Directo Paycard (Norcross, 1998) Brightwellpayments .com Undisclosed Issuer of prepaid cards Jun-2011 billflo.com billFLO (San Francisco, 2008) taulia.com Undisclosed Cash flow management for businesses. Dec-2009 sabrix.com Sabrix (Oregon City, 2002) thomsonreuters.com Undisclosed Transaction Tax Management Mohr Davidow Ventures, Trinity Ventures, VSP Capital, Greenspring Associates, GKM Newport, VSP Capital $27.2M Sep-2009 170systems.com 170 Systems (Bedford, 1990) kofax.com $43M Business Process Management solutions Polaris Partners $14M
Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 5 25
Finance and Accounting Report, August 201626 August 2016Tracxn BlueBox : Finance & Accounting 900+ companies in the sector, 270 funded in last 5 years, $3.3B invested in 2015/2016 Most Active Investors: 500 Startups, YCombinator, Bain Capital Ventures, Accel Partners Practice Area – FinTech | Analysts: @madhvi_agarwal Cumulative funding in the sector CORE ACCOUNTING FUNCTIONS ACCOUNTING SUITE Intuit (1983, IPO) $1.3B BOOKKEEPING Bench (2012, $26M) INVOICING AvidXchange (2000, $240M) EXPENSE MANAGEMENT Concur (1993, $300M) $607M$1.7B$58M TAXATION Avalara (2004, $287M) ACCOUNT RECONCILIATION Blackline (2001, $220M) AUDITING AuditFile (2011, $5.5M) $5.5M$237M$366M OTHER FINANCE FUNCTIONS ACCOUNTING ENABLERS The Neat Comapny (2002, $16.7M) $68M CORPORATE PERFORMANCE MANAGEMENT Anaplan (2006, $231M) QUOTE-TO-CASH Zuora(2007, $250M) PAYROLL & BENEFITS ADMINISTRATION Zenefits (2013, $584M) PROCURE-TO-PAY Tradeshift (2009, $266M) $635M$1.1B $921M$1.1B
Finance and Accounting Report, August 201627 Top Business Models by Funding $1.8B $1.3B $1.1B $1.1B $930M $635M $607M $340M $238M $61M 0 400 800 1200 1600 2000 Invoicing Accounting Suite Payroll & Benefits Management Corporate Performance Management Quote-to-cash Procure-to-Pay Expense Management Taxation Account Reconciliation Accounting Enablers TotalFundingAmount(inMillions) # Cos. 214 167 71 118 69 22 115 50 18 37 Avg. Age 2007.3 2003.9 2003.5 2004.4 2007.4 2002.2 2009.2 2006.3 2002.1 2011.5 eCredit Xero Zenefits Anaplan Zuora Tradeshift Concur Avalara BlackLine The Neat Company AvidXchange Workday Gusto Adaptive Insights Apttus Coupa Chrome River Sabrix ByAllAccounts GruntWorx
Finance and Accounting Report, August 201628 Invoicing – Business Model Description Companies included in this sector help businesses send and receive electronic invoices with payment options. It also includes companies helping to manage and track unpaid invoices for both receivables and payables. They automate the approval workflow for invoice payments. Payables & Receivables Dynamic Discounting Platforms Platforms facilitating companies to provide discounts to their customers for early payments. Companies automating the entire invoicing process for both accounts receivables and payables.
Finance and Accounting Report, August 201629 Invoicing – Entrepreneur Activity and Investment Trend $12M $35M $25M $131M $64M $91M $199M $521M 3 9 14 16 18 13 22 22 0 5 10 15 20 25 0 120 240 360 480 600 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds $1.5B $343M 0 320 640 960 1280 1600 Payables & Receivables Dynamic Discounting Platforms FundingAmount(inMillions) BM wise Investment 91 25 17 12 8 7 7 6 0 20 40 60 80 100 United States India United Kingdom Canada Australia Israel Sweden Germany NumberofCompanies Distribution of Companies across Countries 11 12 11 14 19 20 29 31 0 7 14 21 28 35 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
Finance and Accounting Report, August 201630 Invoicing – Most Funded Companies Company Overview Business Model Funding Amount ecredit.com eCredit (1993, Boca Raton) Credit scoring and Collection automation solution provider. SAP, Bain Capital Ventures, J.P. Morgan, Citi, Battery Ventures, Trident Capital, Draper Richards, Apex Venture Partners, FTV Capital, Internet Capital Group, North Hill Ventures, Sterling Partners, Actua, Vertex Ventures Invoicing > Payables & Receivables > Receivables > Risk Analysis > Collections $482M avidxchange.com AvidXchange (2000, Charlotte) Online bill-pay for business Foundry Group, Bain Capital Ventures, QED Investors, Harbourvest Partners, KeyBank, Boathouse Capital, Square 1 Bank, Piedmont Angel Network, Nyca Partners, CT Communications Invoicing > Payables & Receivables > Payables $239.95M bill.com Bill.com (2006, Palo Alto) SaaS Accounting for SMBs American Express, Bank of America, Emergence Capital, Silicon Valley Bank, Scale Venture Partners, August Capital, Jafco Ventures, DCM Ventures, Commerce Ventures, TTV Capital, Napier Park Global Capital, Fifth Third Bancorp, West Capital, Icon Ventures Invoicing > Payables & Receivables $159.1M taulia.com Taulia (2009, San Francisco) Electronic invoicing and dynamic discounting solution. Trinity Ventures, TELUS, Matrix Partners, DAG Ventures, Lakestar, Questmark Partners, Ulu Ventures, EDBI, Zouk Capital, The Angels’ Forum (TAF), BBVA Ventures Invoicing > Dynamic Discounting Platforms $131.46M primerevenue.com PrimeRevenue (2003, Atlanta) Financial Supply Chain software offering cash flow solutions Battery Ventures, RRE Ventures, Brown Brothers Harriman Invoicing > Dynamic Discounting Platforms $113.64M c2fo.com C2FO (2008, Fairway) Provides platform for Cash Flow Optimization between Business and Suppliers. Union Square Ventures, Tiger Global Management, Citi, Temasek, Summerhill Venture Partners, OpenAir Equity Partners, Vformation, Iron Mountain, Juvo Capital, Mithril Invoicing > Dynamic Discounting Platforms $97.7M
Finance and Accounting Report, August 201631 Accounting Suite – Business Model Description This section includes all the software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, trial balance etc. Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting, for example: bookkeeping, general ledger, invoicing, expense management, account reconciliation, auditing, payroll, taxation and reporting solutions. These softwares can either be on-premise license-based or saas-based.
Finance and Accounting Report, August 201632 Accounting Suite – Entrepreneur Activity and Investment Trend $73M $108M $141M $115M $123M $194M $185M $290M 5 14 13 10 21 11 16 15 0 5 10 15 20 25 0 70 140 210 280 350 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds 70 28 15 9 5 4 4 3 0 16 32 48 64 80 United States India United Kingdom Australia Canada China Indonesia Denmark NumberofCompanies Distribution of Companies across Countries 6 7 10 8 12 18 17 9 0 4 8 12 16 20 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
Finance and Accounting Report, August 201633 Accounting Suite – Most Funded Companies Company Overview Business Model Funding Amount xero.com Xero (2006, Wellington) Online Accounting Software for SMBs Accel, Matrix Partners, Valar Ventures, NZVIF, Sparkbox Accounting Suite $355M workday.com Workday (2005, Pleasanton) Human Resources and Financial Management Suite Greylock Partners, Kalaari, Morgan Stanley, NEA, InterWest Partners, T. Rowe Price, Bezos Expeditions Accounting Suite $238.5M financialforce.com FinancialForce (2009, San Francisco) Cloud ERP solutions provider Salesforce, Advent International, TCV, MaRS IAF Accounting Suite $193.9M powerplan.com PowerPlan (1994, Atlanta) Asset accounting, tax and budgeting solutions JMI Equity, TPG, FS Investors Accounting Suite $110M intacct.com Intacct (1999, San Jose) Cloud ERP, Financial management and Accounting Applications Bessemer Venture Partners, Emergence Capital, Battery Ventures, Silicon Valley Bank, Sigma Partners, Sutter Hill Ventures, Costanoa, Split Rock Partners, JK and B Capital, Morgan Creek Capital Management, Hummer Winblad Venture Partners, Jackson Square Ventures Accounting Suite $95.8M freee.co.jp freee (2012, Minato) automated online accounting software e.ventures, DCM Ventures, Infinity Ventures, Softbank Investment, Recruit Holdings, Pavilion Capital Partners Accounting Suite $54.8M waveapps.com Wave Accounting (2009, Toronto) SaaS Accounting for SMBs and personal finance management. Charles River Ventures, OurCrowd, S23P, Business Development Bank of Canada, OMERS Ventures, Feddev Ontario, Iinkefcapital.com, Social Capital Accounting Suite $42.3M
Finance and Accounting Report, August 201634 Payroll & Benefits Management – Business Model Description This section includes companies automating payroll calculation and disbursement and integrating with other HR offerings like payroll tax filings, health insurance, leave and attendance tracking and compliance related functions. Payroll Software Payroll Cards International Payroll Companies providing pre-paid cards to employees for receiving salary. Companies providing payroll disbursement software to multi-national companies. Software to automate payroll, tax filings and various compliance related functions.
Finance and Accounting Report, August 201635 Payroll & Benefits Management – Entrepreneur Activity and Investment Trend $40M $5M $3M $26M $22M $14M $136M $628M 2 1 2 3 2 6 12 9 0 3 6 8 11 14 0 140 280 420 560 700 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds $1.1B $15M $4M 0 240 480 720 960 1200 Payroll Software International Payroll Payroll Cards FundingAmount(inMillions) BM wise Investment 39 8 5 4 3 2 2 1 0 9 18 27 36 45 United States India United Kingdom United Arab Emirates Canada China Singapore Australia NumberofCompanies Distribution of Companies across Countries 5 4 3 5 5 5 4 6 0 1 3 4 6 7 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
Finance and Accounting Report, August 201636 Payroll & Benefits Management – Most Funded Companies Company Overview Business Model Funding Amount zenefits.com Zenefits (2013, San Francisco) SaaS HR Platform for SMBs Fidelity Investments, Insight Venture Partners, Andreessen Horowitz, SV Angel, Khosla Ventures, Founders Fund, General Catalyst Partners, IVP, Venrock, Maverick Capital, TrueBridge Capital Partners, TPG, Foresite Capital, Sound Ventures Payroll & Benefits Management > Payroll Software $583.6M gusto.com Gusto (2011, San Francisco) SaaS Payroll Management and Health Plan services Y Combinator, Salesforce, Emergence Capital, KPCB, General Catalyst Partners, GV, Sherpalo Ventures, Glynn Capital, Data Collective, Rothenberg Ventures, Ribbit Capital, Obvious Ventures, Homebrew, Google Capital, Designer Fund, Y Ventures, Pejman Mar Ventures, Pivot Investment Partners, Cota Capital Payroll & Benefits Management > Payroll Software $161.1M paycom.com Paycom (1998, Oklahoma City) Payroll Solution Payroll & Benefits Management > Payroll Software $99.7M exult.net Exult Inc (1998, Irvine) HR business process outsourcing services Goldman Sachs, DB Capital Partners Payroll & Benefits Management > Payroll Software $60M justworks.com Justworks (2012, New York City) Online payroll and benefits platform Redpoint Ventures, Index Ventures, Bain Capital Ventures, Thrive Capital, Bain Capital, Daring Journey Ventures Payroll & Benefits Management > Payroll Software $53M cloudpay.net CloudPay (1996, Raleigh) SaaS Payroll software and services Pinnacle Ventures, Rho Capital Partners, Rho Ventures Payroll & Benefits Management > Payroll Software $46M paycycle.com PayCycle (1999, Palo Alto) Online Payroll service provider. August Capital, Draper Richards, TTV Capital Payroll & Benefits Management > Payroll Software $24.5M
Finance and Accounting Report, August 201637 Corporate Performance Management – Business Model Description This section includes companies that automate non-transactional processes of a business by offering financial planning tools for valuation, planning, budgeting and forecasting and help track key performance indicators. Financial Analytics Budgeting and Forecasting Treasury Management Cap Table Management Grant Management Companies that integrate with existing accounting software to automatically create budgets and forecasts. Companies managing a firm's liquidity and mitigating its operational, financial and reputational risk. Companies providing software for automated cap table management. Companies providing software for automated grant management for non-profit organization. Companies providing financial analytics software for effective reporting and performance management.
Finance and Accounting Report, August 201638 Corporate Performance Management – Entrepreneur Activity and Investment Trend $77M $345M $53M $47M $126M $140M $209M $170M 10 14 9 13 15 14 15 17 0 4 7 11 14 18 0 80 160 240 320 400 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds $832M $129M $67M $53M $14M $0.4M 0 180 360 540 720 900 Financial Analytics Treasury Management Cap Table Management Budgeting and Forecasting Grant Management Capex Management FundingAmount(inMillions) BM wise Investment 66 10 9 7 5 3 3 2 0 14 28 42 56 70 United States United Kingdom Germany Canada Australia France India Ireland NumberofCompanies Distribution of Companies across Countries 5 4 11 8 7 7 9 9 0 2 5 7 10 12 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
Finance and Accounting Report, August 201639 Corporate Performance Management – Most Funded Companies Company Overview Business Model Funding Amount anaplan.com Anaplan (2006, San Francisco) SaaS Corporate Performance Management Platform Salesforce, Shasta Ventures, Meritech Capital, DFJ Growth, Coatue, Harmony Partners, Granite Ventures, Workday, Baillie Gifford, Sands Capital, Founders Circle Capital, Founders Circle, Brookside Capital Corporate Performance Management > Financial Analytics $232M adaptiveinsights.com Adaptive Insights (2003, Palo Alto) SaaS Corporate Finance Management Salesforce, Bessemer Venture Partners, Norwest Venture Partners, ONSET Ventures, Relay Ventures, JMI Equity Fund, Cardinal Venture Capital, Monitor Ventures, RBC, Information Venture Partners Corporate Performance Management > Financial Analytics $176.3 M tidemark.com Tidemark (2010, Redwood City) SaaS Corporate Performance Management Greylock Partners, Redpoint Ventures, Andreessen Horowitz, Silicon Valley Bank, Tenaya Capital, Workday Corporate Performance Management > Financial Analytics $105.3M kyriba.com Kyriba (2000, San Diego) Treasury automation and risk management American Express, HSBC Group, Upfront Ventures, Iris Capital, Daher Capital, BRED Banque Populaire, Coface, Mangrove Capital Partners Corporate Performance Management > Treasury Management $90.5M hostanalytics.com Host Analytics (2000, Redwood City) Cloud Enterprise Performance Management Next World Capital, Eastward Capital Partners, StarVest Partners, Trident Capital, ATV, Cultivation Capital, Centerview Capital Corporate Performance Management > Financial Analytics $88.65M commercesync.com Commerce Sync (2005, Denver) Accounting software to keep track of financial health of the business Intel Capital, Venrock, Appian Ventures, TTV Capital, Meritage Funds, TTV Capital, Augury Capital Partners, Iron Gate Capital, Camp One Ventures, Service Provider Capital, First Data Merchant Services Corporation Corporate Performance Management > Financial Analytics $67.46M
Finance and Accounting Report, August 201640 Quote-to-cash – Business Model Description Companies that offer software for automation of end-to-end business processes on the sell side. These companies help in quote generation to contract management and billing. Subscription Billing End-to-End Software Companies providing automated management of end-to-end business processes on the sell side. Recurring billing solutions for subscription based revenue models
Finance and Accounting Report, August 201641 Quote-to-cash – Entrepreneur Activity and Investment Trend $37M $9M $42M $62M $61M $163M $59M $339M 5 3 3 5 15 12 13 14 0 3 6 10 13 16 0 80 160 240 320 400 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds $767M $163M 0 180 360 540 720 900 End-to-End Software Subscription Billing FundingAmount(inMillions) BM wise Investment 35 6 6 4 4 3 3 2 0 8 16 24 32 40 United States Germany India Australia Netherlands Canada United Kingdom South Africa NumberofCompanies Distribution of Companies across Countries 5 2 3 10 6 5 4 5 0 2 5 7 10 12 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
Finance and Accounting Report, August 201642 Quote-to-cash – Most Funded Companies Company Overview Business Model Funding Amount zuora.com Zuora (2007, Foster City) Subscription billing and management Greylock Partners, Redpoint Ventures, Index Ventures, Next World Capital, Benchmark Capital, Vulcan, Shasta Ventures, Webb Investment Network, BlackRock, Tenaya Capital, Passport Capital, Northgate, Wellington Management Quote-to-cash > End- to-End Software $250M apttus.com Apttus (2006, San Mateo) CRM SaaS Pricing, Quoting, and Contracts Salesforce, Iconiq Capital, K1 Investment Management, Kuwait Investment Authority Quote-to-cash > End- to-End Software $186M ariasystems.com Aria (2003, San Francisco) Subscription Billing & Management Software VMware, Rembrandt Venture Partners, Bain Capital Ventures, Tugboat Ventures, Venrock, InterWest Partners, Hercules Capital, Hummer Winblad Venture Partners, madbaycap.com Quote-to-cash > End- to-End Software $126.78M steelbrick.com SteelBrick (2002, Palo Alto) SaaS based CPQ for SalesForce.com users Salesforce, Emergence Capital, IVP, Shasta Ventures, Lighter Capital Quote-to-cash > End- to-End Software $77.5M gotransverse.com goTransverse (2008, Austin) SaaS activity-based billing platform Siedentopf Quote-to-cash > End- to-End Software $47M vindicia.com Vindicia (2003, Redwood City) SaaS subscription and recurring billing ONSET Ventures, DCM Ventures, BDMI, FTV Capital, Leader Ventures Quote-to-cash > Subscription Billing $37.6M metratech.com MetraTech (1998, Waltham) Agreements-based billing and settlement solutions provider. Accel, Meritech Capital, Vesbridge Partners Quote-to-cash > Subscription Billing $30M
Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 3 43
Finance and Accounting Report, August 201644 Interesting Unfunded Companies Company Overview Business Model Clams (2016, New York) Debt collection engine as a service. Invoicing > Payables & Receivables > Receivables > Risk Analysis > Collections Everlance (2015, San Francisco) Mileage expense tracking for self employed. Expense Management > Expense Reporting Software Mouba (2016, Bucaramanga) Cloud-based accounting software for SMEs. Accounting Suite Collectly (2015, San Francsico ) Automated debt collection software. Invoicing > Payables & Receivables > Receivables > Risk Analysis > Collections ProfitModeler (2015, San Francisco) Account reconciliation across sales, payment and accounting systems. Account Reconciliation Billwerk (2015, Hofheim am Taunus) Subscription billing solution provider. Quote-to-cash > End-to-end Software Balanc3 (2015, NYC) Smart contract powered triple-entry accounting system. Invoicing > Payables & Receivables > Receivables Crediwire (2015, Copenhagen) Real time financial data connector between banks and SMEs. Invoicing > Payables & Receivables > Receivables > Risk Analysis PointDexter (2016, Los Angeles) Automated financial projection software. Corporate Performance Management > Budgeting and Forecasting KontaMX (2015, Toluca) Cloud-based accounting software for SMEs. Accounting Suite Curated list of companies by the sector analyst are defined as Interesting
Finance and Accounting Report, August 201645 Interesting Seed Companies Company Overview Business Model Total Funding procurify.com Procurify (2011, Vancouver) Procure-to-Pay Automation for SMBs Nexus Venture Partners, GrowLab, Point Nine Capital, Business Development Bank of Canada, HIGHLINEvc Procure-to-Pay $5.6M zervant.com Zervant (2010, Espoo) Invoicing and time tracking for SMBs Conor Venture Partners, Tekes Accounting Suite $3.4M payable.com Payable (2013, San Francisco) Billing Solution for Gig-Economy Redpoint Ventures, General Catalyst Partners, Rothenberg Ventures, Freestyle, Hay Stack, Moment Ventures, Sherpa Ventures, Lerer Hippeau Ventures Invoicing > Payables & Receivables > Receivables > Time Tracking $2.1M wagepoint.com Wagepoint (2012, Kitchener) SaaS payroll application for SMBs Atlantic, Cardinal Bank, EVP Payroll & Benefits Management > Payroll Software $2M happay.in Visage Payroll (2014, Dallas) Free full service payroll for small businesses and startups. Stage 1 Ventures Payroll & Benefits Management > Payroll Software $500k SE.M. Labs (2015, Stuttgart) Usage based billing platform using IoT. The High-Tech Gründerfonds (HTGF), MBG Mittelständische Beteiligungs Quote-to-cash > Subscription Billing $881k Cardlife (2015, London) Expense management platform for subscriptions. Seedcamp Expense Management > Expense Reporting Software Undisclosed TrusTill (2016, Brisbane) Payment processing platform for legal, accounting and financial professionals. BlueChilli Invoicing > Payables & Receivables > Receivables Undisclosed
Finance and Accounting Report, August 201646 Interesting Series A Companies Company Overview Business Model Total Funding tsheets.com TSheets (2006, Eagle) Time Tracking Software Summit Partners Invoicing > Payables & Receivables > Receivables > Time Tracking $15M receipt-bank.com Receipt Bank (2011, London) Invoice data extraction software. Kennet Accounting Enablers > Data Standardization $15M canopytax.com Canopy (2014, Lehi) Tax resolution and practice management software provider for tax professionals. NEA, EPIC Ventures, Deep Fork Capital Taxation > Tax Filing $10M xpenditure.com Xpenditure (2011, Mechelen) Expense Management Software Expense Management > Expense Reporting Software $8.7M floqast.com FloQast (2013, Los Angeles) SaaS month end Account Management for SMBs Toba Capital, Polaris Partners, Amplify, Siemer and Associates, Wavemaker Partners Account Reconciliation $7.85M aplos.com Aplos (2009, California) Accounting Software for Non-profits sanjoaquincap.com Accounting Suite $7.4M karmiclabs.com Karmic Labs (2014, San Francisco) Saas to manage cash flow and expenses for a business Correlation Ventures, RPM Ventures, Draper Associates, Greycroft Partners, Accelerator Ventures, New Ground Ventures, Camp One Ventures, Trusted Expense Management > Expense Cards $7.7M
Finance and Accounting Report, August 201647 Interesting Series B Companies Company Overview Business Model Total Funding avidxchange.com AvidXchange (2000, Charlotte) Online bill-pay for business Foundry Group, Bain Capital Ventures, QED Investors, Harbourvest Partners, KeyBank, Boathouse Capital, Square 1 Bank, Piedmont Angel Network, Nyca Partners, CT Communications Invoicing > Payables & Receivables > Payables $239.95M gusto.com Gusto (2011, San Francisco) SaaS Payroll Management and Health Plan services Y Combinator, Salesforce, Emergence Capital, KPCB, General Catalyst Partners, GV, Sherpalo Ventures, Glynn Capital, Data Collective, Rothenberg Ventures, Ribbit Capital, Obvious Ventures, Homebrew, Google Capital, Designer Fund, Y Ventures, Pejman Mar Ventures, Pivot Investment Partners, Cota Capital Payroll & Benefits Management > Payroll Software $161.1M cloudpay.net CloudPay (1996, Raleigh) SaaS Payroll software and services Pinnacle Ventures, Rho Capital Partners, Rho Ventures Payroll & Benefits Management > Payroll Software $46M nexonia.com Nexonia (2002, Toronto) Software provider for multiple accounting features. Expense Management > Expense Reporting Software $14.2M tipalti.com Tipalti (2010, Agoura Hills) Automated online mass payment system SGVC Payroll & Benefits Management > International Payroll $13M avangate.com Avangate (2006, Redwood Shores) eCommerce and channel sales management solution provider Francisco Partners, 3TS Capital Partners, GECAD Quote-to-cash > Subscription Billing $7.5M chargebee.com Chargebee (2011, Chennai) Managed subscription billing service for SaaS Accel, Tiger Global Management Quote-to-cash > Subscription Billing $6.17M
Finance and Accounting Report, August 201648 Interesting Late Stage Companies Company Overview Business Model Total Funding zenefits.com Zenefits (2013, San Francisco) SaaS HR Platform for SMBs Fidelity Investments, Insight Venture Partners, Andreessen Horowitz, SV Angel, Khosla Ventures, Founders Fund, General Catalyst Partners, IVP, Venrock, Maverick Capital, TrueBridge Capital Partners, TPG, Foresite Capital, Sound Ventures Payroll & Benefits Management > Payroll Software $583.6M tradeshift.com Tradeshift (2009, San Francisco) Collaboration, electronic invoicing and dynamic discounting solution PayPal, American Express, HSBC Group, Intuit, Data Collective, e.ventures, ruNet, Notion Capital, Kite Ventures, CreditEase, Morten Lund, Pavilion Capital Partners Procure-to-Pay $ 265.77M avalara.com Avalara (2004, Bainbridge Island) Cloud-based Taxation Service Battery Ventures, TCV, Warburg Pincus, Arthur Ventures, Sageview Capital, Benaroya Companies Taxation > Tax Filing $261.12M zuora.com Zuora (2007, Foster City) Subscription billing and management Greylock Partners, Redpoint Ventures, Index Ventures, Next World Capital, Benchmark Capital, Vulcan, Shasta Ventures, Webb Investment Network, BlackRock, Tenaya Capital, Passport Capital, Northgate, Wellington Management Quote-to-cash > End- to-End Software $250M anaplan.com Anaplan (2006, San Francisco) SaaS Corporate Performance Management Platform Salesforce, Shasta Ventures, Meritech Capital, DFJ Growth, Coatue, Harmony Partners, Granite Ventures, Workday, Baillie Gifford, Sands Capital, Founders Circle Capital, Founders Circle, Brookside Capital Corporate Performance Management > Financial Analytics $232M
Finance and Accounting Report, August 201649 Interesting Late Stage Companies Company Overview Business Model Total Funding apttus.com Apttus (2006, San Mateo) CRM SaaS Pricing, Quoting, and Contracts Salesforce, Iconiq Capital, K1 Investment Management, Kuwait Investment Authority Quote-to-cash > End- to-End Software $186M adaptiveinsights.com Adaptive Insights (2003, Palo Alto) SaaS Corporate Finance Management Salesforce, Bessemer Venture Partners, Norwest Venture Partners, ONSET Ventures, Relay Ventures, JMI Equity Fund, Cardinal Venture Capital, Monitor Ventures, RBC, Information Venture Partners Corporate Performance Management > Financial Analytics $176.3 M coupa.com Coupa (2006, San Mateo) Cloud spend management software Mohr Davidow Ventures, Battery Ventures, Meritech Capital, Crosslink Capital, BlueRun Ventures, T. Rowe Price, Iconiq Capital, Northgate, El Dorado Ventures, Icon Ventures, Rally Ventures Procure-to-Pay $169M bill.com Bill.com (2006, Palo Alto) SaaS Accounting for SMBs American Express, Bank of America, Emergence Capital, Silicon Valley Bank, Scale Venture Partners, August Capital, Jafco Ventures, DCM Ventures, Commerce Ventures, TTV Capital, Napier Park Global Capital, Fifth Third Bancorp, West Capital, Icon Ventures Invoicing > Payables & Receivables $159.1M taulia.com Taulia (2009, San Francisco) Electronic invoicing and dynamic discounting solution. Trinity Ventures, TELUS, Matrix Partners, DAG Ventures, Lakestar, Questmark Partners, Ulu Ventures, EDBI, Zouk Capital, The Angels’ Forum (TAF), BBVA Ventures Invoicing > Dynamic Discounting Platforms $131.46M
Finance and Accounting Report, August 201650 Interesting Late Stage Companies Company Overview Business Model Total Funding tidemark.com Tidemark (2010, Redwood City) SaaS Corporate Performance Management Greylock Partners, Redpoint Ventures, Andreessen Horowitz, Silicon Valley Bank, Tenaya Capital, Workday Corporate Performance Management > Financial Analytics $105.3M c2fo.com C2FO (2008, Fairway) Provides platform for Cash Flow Optimization between Business and Suppliers. Union Square Ventures, Tiger Global Management, Citi, Temasek, Summerhill Venture Partners, OpenAir Equity Partners, Vformation, Iron Mountain, Juvo Capital, Mithril Invoicing > Dynamic Discounting Platforms $97.7M kyriba.com Kyriba (2000, San Diego) Treasury automation and risk management American Express, HSBC Group, Upfront Ventures, Iris Capital, Daher Capital, BRED Banque Populaire, Coface, Mangrove Capital Partners Corporate Performance Management > Treasury Management $90.5M hostanalytics.com Host Analytics (2000, Redwood City) Cloud Enterprise Performance Management Next World Capital, Eastward Capital Partners, StarVest Partners, Trident Capital, ATV, Cultivation Capital, Centerview Capital Corporate Performance Management > Financial Analytics $88.65M transactis.com Transactis (2001, New York City) White label for bill payments Capital One, Metamorphic Ventures, Wells Fargo, ff Venture Capital, StarVest Partners, Safeguard Scientifics, Fifth Third Bancorp, Alpine Meridian, PNC Financial Services Group, Harland Financial Solutions, TD Bank Invoicing > Payables & Receivables > Receivables $66.7M
Finance and Accounting Report, August 201651 Interesting Late Stage Companies Company Overview Business Model Total Funding freee.co.jp freee (2012, Minato) automated online accounting software e.ventures, DCM Ventures, Infinity Ventures, Softbank Investment, Recruit Holdings, Pavilion Capital Partners Accounting Suite $54.8M justworks.com Justworks (2012, New York City) Online payroll and benefits platform Redpoint Ventures, Index Ventures, Bain Capital Ventures, Thrive Capital, Bain Capital, Daring Journey Ventures Payroll & Benefits Management > Payroll Software $53M ariasystems.com Aria (2003, San Francisco) Subscription Billing & Management Software VMware, Rembrandt Venture Partners, Bain Capital Ventures, Tugboat Ventures, Venrock, InterWest Partners, Hercules Capital, Hummer Winblad Venture Partners, madbaycap.com Quote-to-cash > End- to-End Software $126.78M chromeriver.com Chrome River (2007, Los Angeles) SaaS Expense Reporting & Invoice Management Bain Capital Ventures, Great Hill Partners, First Analysis, Argentum Group Expense Management > Expense Reporting Software $120M primerevenue.com PrimeRevenue (2003, Atlanta) Financial Supply Chain software offering cash flow solutions Battery Ventures, RRE Ventures, Brown Brothers Harriman Invoicing > Dynamic Discounting Platforms $113.64M financialforce.com FinancialForce (2009, San Francisco) Cloud ERP solutions provider. Salesforce, Advent International, TCV, MaRS IAF Accounting Suite $193.9M blackline.com BlackLine (2001, Woodland Hills) Account Reconciliation Software. Silver Lake, Iconiq Capital Account Reconciliation $220M
Finance and Accounting Report, August 201652 Deadpooled Companies Company Overview Business Model Funding Amount harborpayments.com Harbor Payments (2000, Atlanta) B2B invoice payments Oak Investment Partners, Ellis Communications Invoicing > Payables & Receivables $40M avolent.com Avolent (1995, San Francisco) Self-service eBilling and eSettlement software provider. Intuit, Wells Fargo, ATV, Rho Capital Partners, Columbia Capital, Rho Ventures, RBC, constellationventures.com Invoicing > Payables & Receivables > Receivables $39M e-duction.com E-Duction (1997, Blue Bell) Financial and payroll processing solutiions RRE Ventures, Inter Atlantic Group, Apex Venture Partners, Novitas Capital, TTV Capital Payroll & Benefits Management > Payroll Software $20.5M newriverinnovation.com New River Innovation (2009, Greensboro) Tax Technology Firm Intersouth Partners Taxation > Tax Filing $3.2M activecell.com Activecell (2010, New York City) BI Visualization Solutions Corporate Performance Management > Financial Analytics $1.49M crisply.com Crisply (2010, Boston) Time tracking and billing SaaS. Invoicing > Payables & Receivables > Receivables > Time Tracking sembrotax.com Sembro Development (2013, Charlotte) Bitcoin accounting software. Account Reconciliation capital-processing.com Capital Processing (2006, Tarzana) Online Payment Processing Application Quote-to-cash > Subscription Billing
Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 3 53
Finance and Accounting Report, August 201654 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Large Upcoming Sectors Entrepreneur Activity Link Niche Upcoming Sectors Entrepreneur Activity Link Top investments in last one year Investment Trend Link Top IPOs Exit Outlook - IPO, Acquisitions Link Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link Accounting Suite – Most Funded Companies Sub Sector Understand Link Payroll & Benefits Management – Most Funded companies Sub Sector Understand Link Invoicing – Most Funded Companies Sub Sector Understand Link Corporate Performance Management – Most Funded Companies Sub Sector Understand Link Quote-to-cash – Most Funded companies Sub Sector Understand Link Deadpooled Companies Companies Link
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Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 6 56
Finance and Accounting Report, August 201657 Finance and Accounting – Company List COVERS THE FOLLOWING SECTORS Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to-Pay Quote-to-cash Taxation Auditing Account Reconciliation Accounting Enablers
Finance and Accounting Report, August 201658 Accounting Suite (1/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Xero [Wellington, 2006]: Xero provides online accounting software and services for small and medium businesses. It includes automatic bank and credit card account feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, and standard business and management reporting. Xero can automatically import bank and credit card statements. Xero also offers an API that enables integration into external applications with Xero. Android and iOS apps are available for onsite invoicing. It has over 200,000 users and paying customers in more than 100 countries. $355M Accel, Matrix Partners, Valar Ventures, NZVIF, Sparkbox Workday [Pleasanton, 2005]: Workday offers SaaS-based enterprise solutions for human resources, payroll and financial management. It offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Its products include Human Capital Management, Financial Management, Talent Insights, Professional Services Automation. It has more than 700 customers, spanning mid-sized organizations to global Fortune 500 businesses. It serves the finance, healthcare, manufacturing, education, and technology industries worldwide. Cloud Integration connectors include Human Resource Management (Salesforce Chatter,Kronos, AngelPoints etc), Financials (Salesforce sales cloud, CyberSource etc), Payroll,Expenses and Procurement. $238.5M Greylock Partners, Kalaari, Morgan Stanley, NEA, InterWest Partners, T. Rowe Price, Bezos Expeditions FinancialForce [San Francisco, 2009]: FinancialForce provides SaaS based Cloud ERP solutions and is based on Salesforce1 platform. It is targeted at primarily for growing companies, large or small. The solution provides Financial Management, Human Capital Management (HCM), Professional Services Automation (PSA), and Supply Chain Management (SCM) for spend management, inventory management applications. It started from a division of the UNIT4 group. Headquartered in SanFrancisco, it also has offices in Canada, UK and Spain. In FY 2014, it brought its total revenue run rate to $ 50 million. The customer base includes HP, Symantec, Greenway Health, Lexmark, NTT Centerstance, University of Houston, US News and VCE. It was named the Software Product of the Year at the 2013 Business Finance Awards and the #1 cloud computing to work for by Forbes. $193.9M Salesforce, Advent International, TCV, MaRS IAF
Finance and Accounting Report, August 201659 Accounting Suite (2/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors PowerPlan [Atlanta, 1994]: PowerPlan provides a fully integrated suite of asset-centric accounting, tax, budgeting and analytics software solutions purpose-built to enable asset- intensive businesses to generate more cash, mitigate compliance risk and support a culture of cost management.It reshapes the way industries such as utilities, oil and gas, transportation, telecommunications and mining manage the detailed information for every asset required to maximize their value. $110M JMI Equity, TPG, FS Investors Intacct [San Jose, 1999]: Intacct is a provider of web-based or cloud ERP, financial management and accounting applications for hospitality businesses and CPA firms. The company’s financial management and accounting applications, in use by more than 8500 organizations from startups to public companies, are designed to improve business performance and make finance more productive. Intacct is also a three-time winner of a "Best Places to Work in Silicon Valley" award from Bay Area Newsgroup in 2011, 2012, and 2013. $95.8M Bessemer Venture Partners, Emergence Capital, Battery Ventures, Silicon Valley Bank, Sigma Partners, Sutter Hill Ventures, Costanoa, Split Rock Partners, JK and B Capital, Morgan Creek Capital Management, Hummer Winblad Venture Partners, Jackson Square Ventures freee [Minato, 2012]: freee is an automated online accounting software that syncs users bank accounts and automatically categorise entries to create financial reports. It takes freemium model and its paid plan begins at 980 JPY (~10 USD) per month per business. The company, formerly named as “CFO K.K.” It is the winner of Invinity Ventures Summit Launch Pad 2013 Spring, the most prestegious demo event in Japan. $54.8M e.ventures, DCM Ventures, Infinity Ventures, Softbank Investment, Recruit Holdings, Pavilion Capital Partners Wave Accounting [Toronto, 2009]: Wave is an accounting software for individuals and small businesses. Provides unlimited invoicing, easy accounting, payroll generation, and personal finance management services. It also helps accept payments along with keeping track of personal finances and investments. 1.5 million users on its platform in late 2013. Currently tracks almost $80 billion in small business income and spending.Wave integrates with expense tracking software Shoeboxed, and e-commerce website Etsy.Its payment function is backed by Stripe and it has acquired Vuru.co and Small Payroll to enhance its capabilities. $42.3M Charles River Ventures, OurCrowd, S23P, Business Development Bank of Canada, OMERS Ventures, Feddev Ontario, Iinkefcapital.com, Social Capital
Finance and Accounting Report, August 201660 Accounting Suite (3/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors FreshBooks [Toronto, 2003]: FreshBooks provides SaaS based accounting applications for SMBs. It helps them manage their time and expenses, send branded invoices, and collect online payments by credit card, PayPal, or eCheck. Since 2004, over 5 million people have used FreshBooks to track time, organize expenses and invoice clients online and in the cloud. They have an inbuilt payment platform which enables the user to send and collect payments seamlessly. Industry accolades include the 2013 Stevie Awards for customer service and the 2013 IXDA Award for iPhone design. $30M Oak Investment Partners, Georgian Partners, Northleaf Capital Partners, Oak Investment Partners, www.atlasventure.com Clio [Vancouver, 2007]: Completely web-based, Clio is a practice management suite that is specifically designed for solo practitioners and small law firms. Clio offers all the features required to run a law practice from intake to invoice, with powerful features to manage cases, clients, documents, fastcase and dropbox integration, bills, appointment scheduling, time- tracking, reporting, and accounting through integration with Xero and Quickbooks. $26M Bessemer Venture Partners, Point Nine Capital, Version One Ventures, Acton Capital Partners, Version One Ventures, Acton Capital Partners Acumatica [Kirkland, 2007]: Acumatica provides cloud and on-premise based ERP solutions for SMEs. The product includes suites for financials, distribution, CRM, Marketing and project accounting suites built on its own platform, Acumatica Studio. Acumatica serves customers in the Americas, Africa, Europe, South East Asia, and the Middle East, through a global channel partner network of VARs, ISVs, and OEMs. It has been reporting over 300 % annual revenue growth every year since 2011. Acumatica has been named a Red Herring Top 100 Global Tech Company. $23.3M MYOB, Runa Capital, Almaz Capital, Visma, Runa Capital High Street Partners [Annapolis, 2003]: HSP provides cloud-based business services that simplify the management and control of international operations. Its signature solutions include HSP Overseas Direct, an integrated service bundle which incorporates all required recurring services, including international payroll, expense reimbursement, cash management, vendor payments, bookkeeping, quarterly and annual tax filings, and local statutory compliance, and HSP OverseasConnect, a cloud-based application for the aggregation and management of accounting, finance, HR and legal requirements across multiple geographies and lifecycles. Both solutions are offered with a full suite of custom Advisory Services. In 2014, Nair and Co. and High Street Partners merged to form Radius Worldwide. $20.3M Silicon Valley Bank, Sigma Partners, Gold Hill Capital, Baird Venture
Finance and Accounting Report, August 201661 Accounting Suite (4/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors NWP Services Corp. [Costa Mesa, 1995]: NWP helps multi-housing owners in managing the operations of different properties. This includes utility expense management, energy management, electronic payments, accounting and IT solutions. Its solutions have automated various management functions like invoice processing, expense management and spend analysis on utilities. Residents have a choice to receive their bill online and also pay them online from NWP resident portal. $20M Crosslink Capital, Sycamore Ventures, Landmark Partners, Energy Investors Fund Firm58 [Chicago, 2005]: Firm58 is a cloud-based broker dealer and trading firm back office automation solutions. It has features such as profit analysis, compliance and surveillance, CSA and soft dollar management, compensation, accounting, position reporting and billing etc. $19.2M Pritzker Group, North Bridge Venture Partners A-SaaS [Tokyo, 2009]: A-SaaS ia a cloud tax, accounting and payroll system. A-SaaS accounting system for accounting firm and adviser with real-time accounting. Three types of input formats are availabe which are "journal entry format", "Cashbook input format," "transfer slip input format" as an input format. $15.06M Salesforce, Mobile Internet Capital, Arbor Ventures, Gree Ventures, Fidelity Growth Partners, Eight Roads Ventures Corefino [Sunnyvale, 2004]: Corefino, ‘Core Financials Outsourced for the SaaS-Savvy, Strategic CFO’ is a completely outsourced solution for replacing the aging on-premise approach to performing routine financials. Corefino offers a turnkey people/place/platform combination of outsourced accounting experts, outsourced technology and its Triple-C (Connect-Correct- Comply) Best Practices/ workflow framework. Corefino operates on a variety of Software-as-a- Service (SaaS)-based platforms via monthly subscriptions, and has formed strategic partnerships including ADP, EASi and Intaact. Corefino, recognized as a candidate for InformationWeek's 2009 ‘Top 50’ Start-Ups, is based in Burlingame, CA. $13.6M Opus Capital, Bay Partners
Finance and Accounting Report, August 201662 Accounting Suite (5/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors inDinero [San Francisco, 2009]: inDinero is a financial software with services (SwS) solution for small businesses to automate accounting, tax and payroll activities for a flat fee. It helps small businesses manage their finances with accounting, payroll, and tax services. A SaaS fiscal modeling tool, inDinero continuously pulls in information from various credit-card and bank accounts, along with electronic payment services such as PayPal. It has budgeting tools based on previous transactions, alert functions, fiscal targeting tools and stats such as cash flow, income and spending. inDinero has over 80 employees with offices in San Francisco, Portland, and Manila. $10.82M Y Combinator, Kapor Capital, FundersClub, Y Ventures, CoyoteRidgeVC, Camp One Ventures, Streamlined Ventures, Cota Capital, QueensBridge Venture Partners Intuit [Mountain View, 1983]: Intuit Inc. is a provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks, Quicken and TurboTax, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries and Lacerte are Intuit’s tax preparation offerings for professional accountants. Turbobox is a software where users can plan & efile tax returns and the platform does an automatic search on all the clauses to save tax credits. $9.88M Backops [San Francisco, 2010]: BackOps is an integrated, web-enabled, paperless back office providing technology, systems, and services to Small Businesses. Back office includes accounting, finance, and HR for entrepreneurs to focus on product and customer development. It provides SaaS as well as work from home employees to support the business operations of small businesses On top of the service is an analytics platform to help customers monitor their businesses with alerts, notifications and access to data about the business. Raised $5M from Google Ventures and e.Ventures in 2013. $8.65M CrunchFund, Google Ventures, Data Collective, Promus Ventures, e.ventures, Kima Ventures, Infinity Ventures, Sherpa Ventures Daxko [Birmingham, 1998]: Daxko provides operations and accounting software solutions for member-centric nonprofits. Features like online account management, registration, membership sales, and donations help users interact online with their customers. Users are able to generate key accounting reports to view the financial stability of their full association, branch, department, fund, or by program. Custom-built reporting options means users get the data in easy-to understand format. $7.75M Pamlico Capital, Frontier Capital
Finance and Accounting Report, August 201663 Accounting Suite (6/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors BookKeeping Express [McLean, 1984]: BookKeeping Express focuses on personalized business bookkeeping services that seamlessly integrates a sophisticated, cloud-based financial reporting platform with oversight from a team of accounting experts to make the business financial process more efficient and affordable. $7.54M Paulson Investment Aplos [California, 2009]: Aplos Software is a privately held company that specializes in software as a service for nonprofit organizations. The Aplos suite of nonprofit software includes Aplos Accounting, a fund accounting software; Aplos Donor Management, an online donation and donor management software; Aplos e-File, an IRS return and submission software; and Aplos Oversight, a management software for accountants or administrators to oversee the finances of multiple nonprofits or churches. Pricing ranges from $15/month to $50/month. $7.4M sanjoaquincap.com AccountsIQ [Blackrock, 2004]: Visor Limited offers an online accounting platform for businesses in Ireland, the United Kingdom, the United States, Australia, and India. The company offers accountsIQ, a cloud accounting software system that allows SMEs to manage their accounting processes using the Internet. Its modules include sales and purchase order management, inventory management, cashflow management, banking, budgeting, business intelligence, tax returns, paperless office, dashboards, group data consolidation, eBanking integration, integrating other applications, white label accountsIQ, Excel Add-in, and workflow approval. The company serves accountants and their clients, franchisors and their franchisees, and groups with several linked subsidiaries; and sales consultants, global payment providers, offshore finance companies, and traditional accountancy practices. $5.15M AIB Seed Capital Fund, Enterprise Equity FreeAgent [Edinburgh, 2007]: FreeAgent is a web-based accounting and money management tool for freelancers and small businesses. It is mainly used to manage and maintain clients business accounts, track time, log expenses, create and send invoices and in forecasting tax bills. It currently being used by 35,000 freelancers and small businesses. In 2012 it acquired the American startup 60mo, in order to expand into the US market. It topped Deloitte's list of fastest growing technology firms in 2013. $4.86M Lightbank, Point Nine Capital, Iris Software, SaaS Capital
Finance and Accounting Report, August 201664 Accounting Suite (7/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Moe Delo [Moscow, 2009]: Online accounting SaaS company focused on Russian market. Provides small and medium businesses with online accounting and tax services, supported with professional consulting. $4M Black River Ventures Smacc [Brandenburg, 2015]: Smacc offers small and medium-sized business a platform to digitize and automate accounting and financial processes. Its process starts with a user submitting his receipts to Smacc, which turns them into a machine-readable format, encrypts them, then allocates them to an account. The platform self-learns, tracking invoices, sales, and costs, as well as user's liquidity. The system checks against some 64 data points, verifies the invoice, checking, for example, that the math adds up, and even if the VAT-ID and its issuers are correct. Once the system has learned how to deal with the supplier on position levels, it will later do it seamlessly. Pricing starts from $55 per month for self-employed. $3.88M Grazia Equity, Rocket Internet, DvH Ventures, Cherry Ventures Zervant [Espoo, 2010]: Zervant offers invoicing and accounting software for single person companies. Zervant uses working hours and company expenses to automatically generate invoices, accounting, and also business tax returns. It is currently being used by 35,000 small businesses in over 130 countries. $3.4M Conor Venture Partners, Tekes EHoutai [Beijing, 2014]: Houtai is an online platform which provides financial account management tools for SMEs and start-ups. It provides various other services such as taxation, administration etc. Claims to have raised Series A round in May 2016. $1.8M China's Innovation Works, Xianfeng Evergreen
Finance and Accounting Report, August 201665 Accounting Suite (8/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors EasyAccounting [Chengdu, 2015]: EasyAccounting is an online and mobile accounting platform for SMEs and individuals. It claims to help users maintain accounts book which includes revenue, expenses, payables and receivables and profits, and also inventory management, sales records and other functions. Claims to have raised angel round of funding. $1.5M Clear Books [London, 2008]: Clear Books provides online accounting software for startups, sole traders and small businesses. The online accounting software includes bookkeeping, invoicing, Tax reporting, Payroll and HR features. Clear Books was given the award of Best Cloud Accounting Suite by a team of independent judges at the UK Cloud Awards 2014 and Client Product of the year at The British Accountancy Awards 2014. $ 1.35M WAKR! Holding B.V. Liquid Accounts [Huddersfield, 2005]: Liquid online accounts is an online accounting software that allows any business to manage their accounts from any location with an internet connection. Pricing ranges from 7.95 Pounds/month to 39.95 Pounds/month depending on the features and size of the organization. It also offers a free ‘Client Manager’ package for accountants and bookkeepers to manage their clients’ accounts. It has won awards including Best Web-Hosted Accounting Software and runner-up for Best Small Business Accounting Software at the Software Satisfaction Awards. $1.16M Capital for Enterprise Guanplus [Beijing, 2014]: Guanplus is a SaaS solution for finance and accounting needs of enterprises. Users can capture sales business records, payments received, expenses incurred and payroll management on the platform. Has mobile app which lets its users enter data seamlessly and integrate it to the central system. Has more than 200 small and medium enterprises using the platform as of Aug 2015. $1.1M Matrix Partners, Glory Ventures inFakt [Poland, 2008]: inFakt provides accounting and invoicing applications for SMBs. Its accounting mobile app can be used on the go by small business owners and freelancers. It allows users to create and send new invoices, keep track of expenses, send declarations VAT-7 or VAT- 7K directly from the application inFakt to your tax office. It is planning to implement QR code- based bitcoin payments on the invoices where scanning the code will trigger an immediate bitcoin transfer. $1M Point Nine Capital, RTAventures
Finance and Accounting Report, August 201666 Accounting Suite (9/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Yundaizhang [Beijing, 2011]: Yundaizhang provides enterprises with finance and accounting SaaS tools. It provides users with zero maintenance software solution and claims to provide customer satisfaction by providing accounting tools in real time via a mobile app. It has a SaaS- based pricing model from free service to 2.5 Yuan per user per month. It has raised funding from Yinxinggu Capital $764K Ginkgo Valley Capital Cheqbook [Kahului, 2010]: Cheqbook offers automated accounting solutions for small businesses. It categorizes downloaded bank transactions automatically using its feature called AccuScore Smart Categorization. It can be used to invoice customers by mail or email, accept online payments, run balance sheets, pay bills, including printed checks, and track personal expenses separately.Typically, Cheqbook pricing starts at $19.75 for one company with an unlimited number of users. $651K Mclowd [Melbourne, 2012]: Mclowd is a cloud-based accounting package which can be used to manage SMSF assets, liabilities, income and expenses, as well as generating reports for accounting and tax compliance. SMSF (Self Managed Super Funds) is a super annuation fund. $300k xTuple [Norfolk, 2001]: xTuple(previously OpenMFG) provides open source ERP, CRM and accounting software. The PostBooks Edition of xTuple ERP is a Free and Open Source Software (FOSS) application hosted on the cloud, available for download from SourceForge on the PostBooks project page. The Standard, Manufacturing, and Enterprise Editions are commercially licensed Enterprise resource planning solutions. The commercial Editions have more functionality for larger companies. It announced a double digit revenue growth in FY 2013. $200k WorkingPoint [San Francisco, 2005]: WorkingPoint is a comprehensive, integrated solution that provides critical business functions: financial, sales, customer relationship and inventory management. WorkingPoint is simple to use, web-based and built to save time and money for small businesses and sole proprietorships in the United States. It is based in San Francisco and venture-backed by CMEA. $188k CMEA Capital, Endurance Companies
Finance and Accounting Report, August 201667 Accounting Suite (10/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Facturama [Mexico, 2012]: Facturama is a web application to create and manage electronic bills, mass payroll payments and accounting. They have monthly subscription fees based on the type of firm and number of transactions. It also provides collections and spend management within the app. $180K 500 Startups Biztory [Petaling Jaya, 2014]: Biztory is part of Vectory Innovation group Malaysia, is a cloud based accounting software. It helps the users in daily accounting, tax calculations, report generation etc. It works on a subscription basis which can be customized according to users need. $76k Reach Tax [Chennai, 2005]: ReachTax provides tax filing services to SMEs in India. Besides tax filing, it also helps in invoicing, receivables management, expense management and document management services. It also assists clients with a virtual acccountant who keeps track daily account details. $10K Morpheus Gang Exact [Delft, 1984]: Exact is a leading ERP provider for SMBs. It develops industry-specific on- premise or cloud-based solutions for companies in various industries such as manufacturing, services and construction. It supports all business processes such as administration, manufacturing, finance, HR, logistics, sales and marketing.It has a strong presence in Germany serving to about 3400 SMBs. Acquired by Sage group on July 24, 2014 to expand their market in Germany. Apax Partners
Finance and Accounting Report, August 201668 Accounting Suite (11/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors FinArch [Merelbeke, 1997]: Financial Architects is a provider of financial management software, which has in-depth domain expertise, operational services, and technology solutions that enable financial institutions’ to implement cost-effective and reliable financial management platforms. Its flagship product, Financial Studio enables banks to meet International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) while also addressing the requirements of Basel II and Basel III, RAROC, and other risk-related performance measurement ratios. Its scalable architecture and functionally rich, fully customizable modules deliver a single application with the tools banks need to manage, measure, and report all their financial activities. Avedon Capital Partners Fiserv [Brookfield, 1984]: Fiserv is a provider of technology solutions to the financial world, including banks, credit unions, securities processing organizations, insurance companies, finance companies and mortgage banks. Fiserv launched Prologue financials, an accounting suite with built-in automation and controls and a newly designed user interface, enabling users to increase the efficiency of financial accounting processes. It allows bank and credit union accounting and finance managers to automate and streamline day-to-day processing, month-end reporting and reduce manual accounting efforts. dfjesprit The Sage Group plc [Newcastle Upon Tyne, 1981]: Sage is a supplier of financial business management software and services. From small start-ups to larger organisations it provides small and medium sized organisations with solutions accounting and payroll, to enterprise resource planning, customer relationship management and payments. Its products include Sage One which is an accounting and invoicing solution, Sage Live is a CPM solution, Sage X3 is their ERP offering and Sage Impact is their accountant productivity tool. Its subsidiary include Sage Enterprise Solutions; Apex Software Systems Ltd. (Ireland); Sage Software Inc. (USA); Sage US Holdings Inc. (USA); Peachtree Software Inc. (USA); Best Software Inc. (USA); Ciel SA (France); Sage France; Ubiquis SA (France); Sage KHG Software Gmbh & Co. KG (Germany); Softinc Ltd. (Switzerland); Interact Commerce Corporation (USA). Edison Partners
Finance and Accounting Report, August 201669 Accounting Suite (12/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Ennota.com [Egypt, 2014]: Ennota.com is a simple, cloud-based financial management solution built for MENA region SMEs. It is a cash flow management tool that is secure and enables small businesses to record their transactions and view their data it in a visually intuitive way, specifically designed for business owners with no strong technical knowledge or strong accounting background. It is fully customizable and allow businesses to tailor-fit their own business spending and expenditure categories, and view trends that helps in making informed business decisions. Flat6labs Dixie [Copenhagen, 2015]: Dixie is a one-stop-shop for accounting, payroll, VAT, and tax. It offers back office outsourcing for SMBs with offerings like bookkeeping, payroll, VAT Reporting, Tax reporting and annual financial statement and more. It is part of Founders, start-up studio. Founders HireAthena [San Francisco, 2010]: HireAthena offers accounting and HR services that include bookkeeping, monthly financials, finance, payroll, and tax with a remote workforce and top-tier partners. It provides an all-in-one platform with an executive dashboard to keep accounting, bookkeeping, and payroll at fingertips, all while helping entrepreneurs, non-profits, and local business owners by matching them with stay-at-home talent. It leverages the Scalus software platform, which enables rapid on-boarding of remote employees, standardized quality, and full audit compliance. Hireathena is a spinoff of scalus and backops. GV, CrunchFund, Data Collective, Sherpa Capital, e.ventures MYOB [Springvale South, 1991]: MYOB provides accounting software for business owners and accountants. MYOB develops and delivers software, services and support for more than 1,000,000 businesses and accounting practices in Asia-Pacific region. The range of products and services include back office accounting, CRM, web site builder, domain name and hosting, and training. MYOB also works directly with accounting practices to streamline their processes and maximise their productivity. MYOB solutions are used by leading accounting practices from tax agents and sole practitioners to the Big 4 firms. Harbourvest Partners, Bain Capital
Finance and Accounting Report, August 201670 Accounting Suite (13/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Advanced [Berkshire, 2010]: Advanced Computer Software Groupis a provider of software and IT services to the public, private and not for profit sectors. It claims to be third largest software provider to the UK market. Got listed on Aim in 2008 with a £32m market value, provides IT services to healthcare companies and NHS walk-in centres. Now it has grown to a £750m company in eight years and following its acquisition by Vista Equity Partners, in March 2015. Recently in 2016, it has undergone a global rebrand as Advanced. HgCapital Overboss [Sverdlovskaya, 2012]: Overboss provides SAAS solutions for the construction industry. It provides financial accounting for contract companies and building owners. It helps in planning and control of construction budget, preparation of accounting reports. For contractors, it analyses planned and actual costs, plans work schedule, keeps a record of domestic spending. Internet Initiatives Development Fund Contabilidade Online [Curitiba, 2013]: Contabilizei is a tax reporting and accounting automation service for a small flat fee. The platform performs the function of an accounting firm, allowing self-employed professionals, micro and small entrepreneurs fulfill their accounting and tax obligations, including the preparation and submission of all documents and reports required for the government. The company also promotes the settlement of new business by offering the free service of opening businesses. The company currently serves customers in more than 30 cities, including major cities. Kaszek Ventures, Curitiba Angels Iris Software [Datchet, 1979]: Iris offers range of cloud based accountancy software and services. It has over 53,000 companies using its accounting software. It also provides payroll solutions software to over 39,00 SMEs and payroll bureaus. Under the accounting solutions it provides full suite of services like bookkeeping, workflow management, tax management etc. The company was sold to H&F in 2007 by HG Cpaital, however, HG Capital bought it back with majority stakes in 2011. LDC
Finance and Accounting Report, August 201671 Accounting Suite (14/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Wolters Kluwer [The Hague, 1836]: A global company that provides information, software, and services to professionals in four main areas: healthcare, tax, law and finance, that allows them to make decisions with confidence. The company employs 19,000 professionals around the world and supports customers in 150 countries. Wolters Kluwer has operations in 40 plus countries across Europe, North America, Asia Pacific and Latin America. MMF Reachaccountant [Chennai, 2010]: Online accounting Software as a Service for small businesses to help finish their accounts & file tax returns without needing professional accountants. Self or integrated features for CRM, billing/invoicing, PoS, accounting, inventory management, taxation, auditing etc. Incubated at Morpheus Venture Partners. Angel funded by Rajan Anandan and Rehan Yar Khan. Reported to have raised $540K from Sequoia Capital. Portfolio company of Orios Venture Partners Morpheus Gang, Orios Venture Partners Brookson [Warrington, 1995]: Brookson provides tax management, invoicing, cash management and financial back office services for self-employed contractors and micro businesses. Using its cloud-based SaaS platform called Brookson Connect, the company offers its customers comprehensive real-time data on their businesses’ financial and management information. They make sure that client is safe from HMRC with IR35, IR56 and contract reviews and also provide a free tax health check up. Riverside Company, Riverside Company, The Riverside GrowthForce [Kingwood, 2004]: Growthforce provides a team of bookkeeping experts which work with inhouse accounting teams to streamline and define the accounting processes. Once all the stakeholders agree to the processes a dedicated off-site team is assigned to do day-to- day accounting functions like processing Accounts Receivable, Accounts Payable, Bank Reconciliations, Payroll, Sales Tax and Bookkeeping. Windcrest Partners Machine [San Francisco, 2016]: Machine is an AI-driven SaaS that integrates with Gmail and third party payroll and bookkeeping software and offers startups an automated, real time accounting. As of July, it is stealth mode.
Finance and Accounting Report, August 201672 Accounting Suite (15/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors CountUp [London, 2013]: CountUp allows users to receive tax alerts and notifications, get real- time access to their finance and statements, send invoices on the go directly to their clients, deal with their accountant via its platform and get rid of excel files and email communications. The company is in Beta stage as of July 2016. TopNotepad [Hyderabad, 2015]: TopNotepad is a web based application for invoicing & leads management and tracking payments & business expenses.Features include lead import/export, lead sourcing & quality assessment, automatic invoice generation and reports. Product of Almond Data Consulting. Reachbooks [Chennai, 2014]: Reachbooks is an online accounting software for accountants and tax consultants. Clients can use the Reachbooks online accounting software for their billing, purchasing, accounting, payroll and other activities and this can be used by accountants and tax consultants from any location to manage the clients book keeping and tax filing. The app is available in Free, Basic (INR 250/month), Standard (INR 500/month) and Premium (INR 1000/month) packages. Reylon [Bangalore, 2000]: Reylon develops software products for enterprise application. Its range of software includes domains like Tax and e-Filing, Payroll, and Accounting. Claims to have 15+ products, 60k users and is recognised by Income Tax Department, MCA, and NSDL. Accounting Software Group [Staunton, 1991]: Accounting Software Group (ASG) provides an accounting software application in three specific editions: the Financial Management System for business and corporate users, the Not For Profit system designed specifically for Non-Profit Organizations, and the Client Write-Up system geared specifically for CPAs and accounting firms. Financial Management System offers payroll processing, manufacturing, distribution and job project cost accounting functions such as General Ledger, Accounts Receivable, Payable etc.
Finance and Accounting Report, August 201673 Accounting Suite (16/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors AME Software Products [Escondido, 2000]: AME Software products provides a business accounting software application. It includes Payroll, General Ledger, Accounts Receivable, Accounts Payable, 1099 Vendor Management, MICR check printing, and Direct Deposit. The software is mostly used by small and medium size businesses, as well as accounting practices that process payroll and do bookkeeping for other businesses. It's full package solution including payroll, GL, AR, AP with MICR is available at $598 one time with free updates for an year. Adminsoft Accounts [Nottingham, 2006]: Adminsoft Accounts provides a double-entry accounting system, with Accounts Receivable (Sales Ledger), Accounts Payable (Purchase Ledger), General Ledger (Nominal Ledger), Stock Control/Inventory, Purchase Order Processing, Sales Invoicing, Human Resources, and even a payroll (please see full details by following the 'Software' link). It's also multi-user, multi-company, and multi-currency. Additionally, it contains special modules for retail, cafe, and restaurant trade, and for point of sale and workshop operations in the auto trade. It is available for free and pricing for advanced solution starts at $135.00/one-time/user. Micronetics [Boca Raton, 1978]: Micronetics provide accounting software for accountants and SMEs. It's business accounting solution is integrated with AR, AP, inventory, GL, payroll, PO, Bank reconciliation and other modules. All modules can be run stand-alone or integrated. It's Accounting Xpert Enterprise edition is an integrated system consisting of Write-up, Bank Reconciliation, ATF Payroll and the W2 /1099 Laser Module. Pricing starts at $995.00/one-time. Access Your Biz [Smithtown, 2000]: Access Your Biz is a MS Office compatible accounting software with customizable screens for financial data manipulation and presentation. It's Small Business Edition offers the following business suite of applications: Accounts Payable, Accounts Receivable, Bank Reconciliation, General Ledger, Payroll, System Manager. It is available in a single-user package or multi-user package with pricing $995 and $1995 respectively. 10,000 transaction limit per module except for G/L module which has 30,000 transaction limit
Finance and Accounting Report, August 201674 Accounting Suite (17/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors AccountantsWorld [Hauppauge, 1999]: AccountantsWorld offers cloud-based accounting solutions for accountants. Its flagship product Power Practise System has six seamlessly integrated modules that helps users work with their clients in collaboration. It's modules include Payroll Relief - fully compliant payroll processing system, Accounting Power - accounting solution to perform write-up and trial balance work and prepare fully customizable financial statements, plus a bookkeeping system for their clients, Cloud Cabinet - document management system, Website Relief - website builder, Directory listing for attracting new clients, Practise Relief for managing user's firm's billing and invoicing. R.K.Software [Rajkot, 1998]: R.K. Software is a full suite accounting software provider catering multiple sectors. The software service is branded as "Miracle"; Miracle provides unique advanced features like FTR, QAO, E-Mail, SMS etc. It is suitable for Accountants, Traders, Dealers, Distributors and Manufacturers. Arithmo [Oldham, 2008]: Arithmo provides online accounting software for small businesses and accountants. Features include quote creation, online invoicing, tracking account receivables and account payables, tax reporting, and bank reconciliation. Charges £55 per year for small businesses and £3.33 per month for accountants. Softrak [Vancouver, 1984]: 'Adagio Accounting software' from 'Softrack' is an accounting suite for growing businesses which are hindered by entry-level accounting. Modules include receivables, payables, invoicing, GL, inventory, order entry, purchase orders and others. The company was founded in 1984 and is based in Canada.
Finance and Accounting Report, August 201675 Accounting Suite (18/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors AcTouch [Bangalore, 2013]: Actouch technologies provides cloud based business management applications for SMEs. Features include dashboard,inventory and financials tracking, modules for purchase, sales, financials and inventory, cash management reporting, order and invoice tracking, access from mobile and tablets.. Webketoan [Ho Chi Minh City, 2002]: Vietnam-based Webketoan is a company that provides accounting and financial software to enterprises. It provides customised solution to its clients for tax accounting, auditing and business tax calculation. Fund E-Z [New York City, 1991]: FUND E-Z develops accounting software, fundraising software, and medical billing software for nonprofit organizations. The modules in the accounting software includes general ledger, accounts payable, accounts receivable and purchase orders. It's accounting software creates and tracks budgets for multiple funds, programs, projects, grants, funding sources, and departments. It is fiscal year independent, with custom report creation capabilities. Nonprofits can properly demonstrate accountability across the board, with fundraising integration, andsatisfaction of cost reporting requirements. Flexi [Shelton, 1991]: Flexi provides FlexiFinancials, enterprise accounting software solutions for banking, insurance, and financial services industry. The FlexiFinancials suite consists of the following financial accounting modules that can operate independently or seamlessly integrated with each other or other applications:FlexiLedger, FlexiPayables, FlexiPurchasing, FlexiReceivables, FlexiAssets, FlexiProjects, FlexiFDW (Trading Ledger). Automated batch processing or real-time processing options put companies in control of how they want to process their data.
Finance and Accounting Report, August 201676 Accounting Suite (19/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Peacksoft [Singapore, 2015]: Peacksoft's product FinAcct is an online accounting software designed to manage functions like book keeping and accounting. Features include real time view of cashflow and revenue flow, real time view of inventory, payroll management, online reports etc. Offers an accounting software for chartered accountants with functions like IT computation, balance sheets, P&L reports, cash flow statements, compliance reports, data collaboration etc. AccountsPortal [London, 2008]: AccountsPortal provides online accounting software for small businesses, contractors, bookkeepers, and freelancers. Features include online invoicing, tracking recurring invoices and payments, track incomes and expenditure, online reporting, VAT reporting, and a dashboard to get a consolidated view. Provides Stripe integration for accepting payments. Charges GBP 10 per month. ContaLink [Mexico, 2008]: Contalink provides accounting, administrative and financial platform to automate accounting functions for SMEs and accounting firms. It has features like obtaining invoices from SAT, calculating tax payables, analyze the financial and accounting information, manage accounts receivable and payable etc. The software can be used by CPA firms for free. VersaDev [Adelaide, 2000]: VersaDev is software company specializing in enterprise-wide Microsoft .NET applications for small to large-sized businesses. It provides various software products to provide accounting applications like account reconciliation, Accounts Payable Auto Invoice Processing & Routing Software, time writing and billing management etc. KontaMx [Toluca, 2015]: KontaMx provides accounting software that allows users to manage their business from any Internet-connected device. It provides features such as income and expense tracking, e-invoicing, taxe calculation, customer reports without facilities, licenses or maintenance payments. It also provides free accounting advisory. It offers products as basic and pro edition with pricing at $0 and $145/month respectively.
Finance and Accounting Report, August 201677 Accounting Suite (20/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Xubio [Buenos Aires, 2015]: Xubio provides cloud-based accounting solution for small businesses. It has several features including e-invoicing, compliance with AFIP requirements, accounts receivables management, inventory tracking, income and expense reports. The product has free, plus and premium editions priced at $0, $399, $599 per month. e-conomic [Copenhagen, 2001]: E-conomic provides cloud-based accounting software for small and medium businesses. Its features include online invoicing, bank reconciliation, general ledger, free access to accountants etc. It integrates with other functions like inventory management, webshop or payroll systems. It also provides additional modules like subscription, project management. It comes in two versions, Small and Standard. Small version carries a limit of max. 4,000 transactions per accounting year whereas Standard version has no limit. Pricing starts at $33/month. Company was acquired by HgCapital in 2013 which then sold it to Visma in 2015. Accountek [North, 1991]: Accountek Solutions provides an accounting software for mid and small enterprises. Its software is branded as "Connected" which is a full featured enterprise accounting and ERP software compatible on Mac and/or PC platforms. It is used to manage the financial reporting, inventory, job costing, consolidation and multi-currency requirements, along with core accounting applications like payables, receivables, balance sheet management etc. BankTEL [Columbus, 1992]: BankTEL is an accounting and cash management software provider for financial institutions. It provider full suite accounting services - accounts payable, prepaid and accruals, vendor management, invoice approval, expense reporting, purchase orders, budgeting system etc. BankTEL helps more than 1,400 clients in all 50 states and multiple international locations cut costs, increase deposits, and automate their internal processes.
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Tracxn Research - Finance and Accounting Landscape, August 2016

  • 1.
  • 2. Finance and Accounting Report, August 2016 Tracxn World’s Largest Startup Research Platform 2
  • 3. Finance and Accounting Report, August 20163 Contents 3 Topic Page No. Scope of Report 05 Entrepreneur Activity 07 Investment Trend 11 Who is Investing 19 Exit Outlook - IPO, Acquisitions 23 Sub Sector Analysis 26 Interesting Companies 44 Useful Links 54 Company List 57 Team & About Tracxn 285
  • 4. Finance and Accounting Report, August 20164 Illustrative Sectors We Track ENTERPRISE INFRASTRUCTURE TECH SECURITY STORAGE NETWORKING MOBILITY IT OPS CLOUD INFRASTRUCTURE API MANAGEMENT BIGDATA INFRASTRUCTURE INTERNET OF THINGS 3D PRINTING FINTECH CONSUMER BITCOIN PAYMENTS INVESTMENT TECH INSURANCE TECH CROWDFUNDING ALTERNATIVE LENDING FINANCE AND ACCOUNTING BANKING TECH MARKETPLACES FOOD TECH MOBILE EDUCATION MOBILE COMMERCE MOBILE PAYMENTS MOBILE MARKETING MOBILE DEV TOOLS MOBILE HEALTH MOBILE GAMING MOBILE LEARNING MOBILE COMMUNICATION EDUCATION IT SELF LEARNING ENTERPRISE APPLICATIONS HEALTHCARE SAAS MOBILE-FIRST ENT. APPS INTELLIGENT ENT. APPS OPEN SOURCE RETAIL TECH MARKETING TECH STEALTH MODE VERTICAL SAAS LIFE SCIENCES DIGITAL HEALTH
  • 5. Finance and Accounting Report, August 20165 Sector Overview Scope of report This report contains companies which offer software for automating functions of finance and accounting department of an organization. These softwares record and process accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, trial balance, inventory, general ledger. The report also includes companies which offer software for auditing, taxation and end-of-month account reconciliation. The report also include companies that offer software for digitizing the paper-based transactions of a business. Companies which provide software to CPA firms to collaborate and share confidential documents with their clients are also included. Companies offering business insights using accounting data for budgeting, planning and forecasting are also included. The scope of this report includes equity as well as debt funding received by the companies. Business Model Description Accounting Suite Provides integrated invoicing, expense management, account reconciliation, auditing and payroll solutions Bookkeeping Companies tracking and recording every transaction of a business. Invoicing Offers automated invoicing solutions with online payments Payroll & Benefits Management Provides automated payroll, time-tracking, tax filings and various compliance related functions Expense Management Offers expense management solutions including reporting and spend analytics Quote-to-cash Automated management of sales cycle from creating quote to managing contract and billing Procure-to-pay Automated management of procurement cycle from purchase order creation to payments Auditing Provides auditing solutions to perform various audit checks Taxation Delivers compliance solutions related to sales tax and other transactional taxes Corporate Performance Management Offers financial planning tools for budgeting, planning and forecasting Accounting Enablers Offers solutions for accounting data standardization and collaboration Account Reconciliation Offers month end account reconciling applications
  • 6. Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 66
  • 7. Finance and Accounting Report, August 2016 53 66 69 92 107 98 15 0 24 48 72 96 120 2010 2011 2012 2013 2014 2015 2016 NumberofCompanies 7 YoY – Number of companies founded Tidemark Gusto Viewpost Zenefits Dazhangfang Smacc Pointdexter MineralTree, Inc. Cloudability freee Bento Canopy And Co TrusTill
  • 8. Finance and Accounting Report, August 20168 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 52 2011 18 Bookkeeping $58M Bench 2012, Vancouver 94 2009.3 41 Expense Management - Expense Reporting Software $812M Chrome River, 2007, Los Angeles 21 2008.8 10 Expense Management - Expense Cards $84M Itzcash, 2006, Mumbai 54 2008 30 Quote-to-cash - Subscription Billing $162M Vindicia, 2003, Redwood City 21 2007.6 6 Invoicing - Payables & Receivables - Receivables - Time Tracking $37M Tsheets, 2006, Eagle 200 2007.4 89 Invoicing - Payables & Receivables $1.5B Bill.com, 2006, Palo Alto 33 2007.4 12 Taxation - Tax Filing $679M Avalara, 2004, BainBridge Island 38 2007.4 16 Corporate Performance Management - Budgeting and Forecasting $54M Cloudability, 2011, Portland
  • 9. Finance and Accounting Report, August 20169 Niche Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Tracxn Picks 3 2013.7 2 Accounting Enablers - Collaboration Software $5M Karbon, 2014, Sydney 10 2011.1 7 Invoicing - Dynamic Discounting Platforms $349M Taulia, 2009, San Francisco 27 2010.9 11 Accounting Enablers - Data Standardization $58M Receipt Bank, 2011, London 9 2010.2 4 Auditing $6M AuditFile, 2011, San Francisco 4 2009.2 4 Corporate Performance Management - Cap Table Management $73M Certent, 2002, Pleasanton
  • 10. Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 0 10
  • 11. Finance and Accounting Report, August 201611 YoY – Number of Rounds and Total Funding Note: The funding includes debt rounds also. $503M $565M $580M $491M $454M $973M $1.1B $2.6B $614M 30 58 52 63 87 83 115 124 68 0 28 56 84 112 140 0 600 1200 1800 2400 3000 2008 2009 2010 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inBillions) Funding Amount Number of Rounds
  • 12. Finance and Accounting Report, August 201612 YoY – Number of Rounds by Stage 17 38 38 50 51 20 26 30 24 34 38 29 12 12 18 22 23 11 0 24 48 72 96 120 2011 2012 2013 2014 2015 2016 NumberofRounds Seed Early Late
  • 13. Finance and Accounting Report, August 201613 YoY – Funding by Stage $15M $21M $25M $41M $41M $22M $174M $203M $125M $348M $588M $176M $183M $216M $706M $641M $1.4B $364M 0 500 1000 1500 2000 2500 2011 2012 2013 2014 2015 2016 TotalFundingAmount(inMillions) Seed Early Late
  • 14. Finance and Accounting Report, August 201614 Average Ticket Size – Early Stage $0.8M $0.9M $0.8M $1.0M $1.0M $1.3M $4.5M $8.5M $7.6M $7.8M $7.0M $5.2M $12.4M $9.9M $10.7M $16.7M $33.8M $14.4M 0.0 8.0 16.0 24.0 32.0 40.0 2011 2012 2013 2014 2015 2016 FundingAmount(inMillions) Seed Series A Series B
  • 15. Finance and Accounting Report, August 201615 Top investments in last one year Company Funding Amount Round Name Date Investors ryan.com Zenefits (San Francisco, 2013) $500M Series C May-2015 Fidelity Investments, TPG, Sound Ventures, Insight Venture Partners, Founders Fund, Khosla Ventures, Andreessen Horowitz, IVP avidxchange.com AvidXchange (Charlotte, 2000) $225M Series B Sep-2015 Bain Capital Ventures, Foundry Group, Nyca Partners, KeyBank, Square 1 Bank apttus.com Apttus (San Mateo, 2006) $108M Series C Sep-2015 Iconiq Capital, K1 Investment Management, Salesforce, Kuwait Investment Authority anaplan.com Anaplan (San Francisco, 2006) $90M Series E Jan-2016 Baillie Gifford, Founders Circle Capital, Harmony Partners, Brookside Capital, Coatue, DFJ Growth, Granite Ventures, Meritech Capital, Salesforce, Sands Capital, Shasta Ventures tradeshift.com Tradeshift (San Francisco, 2009) $75M Series D Jun-2016 Data Collective, HSBC Group, American Express, Notion Capital, CreditEase, Pavilion Capital Partners ariasystems.com Aria (San Francisco, 2003) $50M Series E Feb-2016 Bain Capital Ventures, Hummer Winblad Venture Partners, InterWest Partners, Venrock, VMware, Rembrandt Venture Partners, madbaycap.com, Hercules Capital gusto.com Gusto (San Francisco, 2011) $50M Series B Dec-2015 General Catalyst Partners, Google Capital, Obvious Ventures steelbrick.com SteelBrick (Palo Alto, 2002) $48M Series C Oct-2015 IVP, Emergence Capital, Salesforce, Shasta Ventures Note: This list does not include the debt financing rounds: Ryan ($300M, 2015), Intacct ($40M, 2015)
  • 16. Finance and Accounting Report, August 201616 Top investments in last one year Company Funding Amount Round Name Date Investors taulia.com Taulia (San Francisco, 2009) $46M Series E Jan-2016 Zouk Capital c2fo.com C2FO (Fairway, 2008) $40M Series D Aug-2015 Mithril, Temasek, OpenAir Equity Partners, Summerhill Venture Partners, Tiger Global Management, Union Square Ventures justworks.com Justworks (New York City, 2012) $33M Series C Mar-2016 Redpoint Ventures, Bain Capital Ventures, Thrive Capital, Index Ventures transactis.com Transactis (New York City, 2001) $30M Series E Apr-2016 Fifth Third Bancorp, PNC Financial Services Group, Safeguard Scientifics, TD Bank, Wells Fargo, Capital One freee.co.jp freee (Minato, 2012) $30M Series C Aug-2015 DCM Ventures, Recruit Holdings tradeshift.com Tradeshift (San Francisco, 2009) $29M Series D Jul-2015 Data Collective, HSBC, American Express Ventures, Notion Capital, Creditease Fintech Investment Fund, Pavilion Capital gusto.com Gusto (San Francisco, 2011) $25M Series B Mar-2016 Undisclosed
  • 17. Finance and Accounting Report, August 201617 Funnel view of Sector 123 66 106 245 403 988 0 240 480 720 960 1200 M&A & IPO Late Series B Series A Funded Founded Number of Companies
  • 18. Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 8 18
  • 19. Finance and Accounting Report, August 201619 Most Active Investors in Sector 16 15 15 13 13 12 12 12 11 10 0 4 7 11 14 18 Salesforce Battery Ventures Emergence Capital DCM Ventures Shasta Ventures Accel Greylock Partners Sigma Partners Redpoint Ventures 500 Startups TotalNumberofCompanies BigMachines Avalara Gusto Bill.com Zuora Xero Zuora Intacct Zuora Cloudability Anaplan Coupa Bill.com freee Anaplan Invoice2go Workday eDocs Tidemark AuditFile
  • 20. Finance and Accounting Report, August 201620 Where are Top Investors investing Salesforce Battery Ventures Emergence Capital DCM Ventures Shasta Ventures Accel Greylock Partners Sigma Partners Redpoint Ventures 500 Startups Invoicing PrimeRevenue Cortera Bill.com Bill.com Invoice2go eDocs Everbill Intiza FlowAccount Accounting Suite FinancialForce A-SaaS Intacct Intacct freee Xero Workday Intacct Payroll & Benefits Management Gusto Gusto Justworks PayrollHero Corporate Performance Management Anaplan Adaptive Insights Anaplan Trufa Tidemark Tidemark Cloudability Quote-to-cash BigMachines Apttus SteelBrick SteelBrick Vindicia Zuora SteelBrick MetraTech GoCardless Chargebee Zuora Hybris Zuora Procure-to-Pay Coupa Expense Management Kds Expensify AppZen
  • 21. Finance and Accounting Report, August 201621 Top Investor by Stage of Entry Y Combinator 9 500 Startups 8 Techstars 5 Point Nine Capital 4 Business Development Bank of Canada 3 Enterprise Ireland 3 FundersClub 3 General Catalyst Partners 3 Kima Ventures 3 Andreessen Horowitz 2 Bain Capital Ventures 5 Emergence Capital 4 Salesforce 4 Accel 3 Battery Ventures 3 Shasta Ventures 3 Sigma Partners 3 Apex Venture Partners 2 Arbor Ventures 2 Charles River Ventures 2 Salesforce 5 Battery Ventures 4 Greylock Partners 4 Accel 3 American Express 3 Bain Capital Ventures 3 Bessemer Venture Partners 3 DCM Ventures 3 Emergence Capital 3 Iconiq Capital 3 Seed Series A Series B Later Stage Accel 5 Polaris Partners 3 Salesforce 3 e.ventures 3 500 Startups 2 Andreessen Horowitz 2 Battery Ventures 2 Commonwealth Capital Ventures 2 CrunchFund 2 DCM Ventures 2
  • 22. Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 2 22
  • 23. Finance and Accounting Report, August 201623 Top IPOs in last four years IPO Date Company Overview Funding Amount Exch:Ticker Mar-2016 cerillionskyline.com Cerillion Skyline (London, 1999) Subscription billing, charging and CRM solution provider. Baird Capital, Digital $9M LON:CER Apr-2014 paycom.com Paycom (Oklahoma City, 1998) Payroll Solution $99.7M PAYC Mar-2014 paylocity.com Paylocity (Arlington Heights, 1997) Cloud based Payroll and HR Service Adams Street Partners $10M NASDAQ:PCTY Mar-2014 promikbook.com PromikBook (Gothenburg, 2010) Billing and bookkeeping software provider. PB Jan-2014 themint.ae The Mint Corporation (Dubai, 2009) Gateway, POS and prepaid payroll card services TSX VENTURE:MIT Dec-2012 wdesk.com Wdesk (Ames, 2008) Cloud based platform for risk, compliance, finance and audit 53.84M WK Oct-2012 workday.com Workday (Pleasanton, 2005) Human Resources and Financial Management Suite Greylock Partners, Kalaari, Morgan Stanley, NEA, InterWest Partners, T. Rowe Price, Bezos Expeditions $238.5M WDAY
  • 24. Finance and Accounting Report, August 201624 Major Acquisitions Date Company Acquirer Deal Size Overview Total Funding Jul-2014 nuviewinc.com NuView Systems (Austin, 1994) ignitetech.com Undisclosed HRIS/HRMS Payroll software Petra Capital Partners $7.1M Oct-2013 avangate.com Avangate (Redwood Shores, 2006) franciscopartners.com Undisclosed eCommerce and channel sales management solution provider Francisco Partners, 3TS Capital Partners, GECAD $7.5M Mar-2013 abila.com Abila (Austin, 1982) accel-kkr.com Undisclosed Grant Management for Non-profits and government agencies Oct-2012 optionease.com OptionEase (San Juan Capistrano, 2006) solium.com Undisclosed On-demand accounting compliance solution Tech Coast Angels, Miramar Venture Partners, Pasadena Angels $4M Jul-2012 directocard.com Directo Paycard (Norcross, 1998) Brightwellpayments .com Undisclosed Issuer of prepaid cards Jun-2011 billflo.com billFLO (San Francisco, 2008) taulia.com Undisclosed Cash flow management for businesses. Dec-2009 sabrix.com Sabrix (Oregon City, 2002) thomsonreuters.com Undisclosed Transaction Tax Management Mohr Davidow Ventures, Trinity Ventures, VSP Capital, Greenspring Associates, GKM Newport, VSP Capital $27.2M Sep-2009 170systems.com 170 Systems (Bedford, 1990) kofax.com $43M Business Process Management solutions Polaris Partners $14M
  • 25. Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 5 25
  • 26. Finance and Accounting Report, August 201626 August 2016Tracxn BlueBox : Finance & Accounting 900+ companies in the sector, 270 funded in last 5 years, $3.3B invested in 2015/2016 Most Active Investors: 500 Startups, YCombinator, Bain Capital Ventures, Accel Partners Practice Area – FinTech | Analysts: @madhvi_agarwal Cumulative funding in the sector CORE ACCOUNTING FUNCTIONS ACCOUNTING SUITE Intuit (1983, IPO) $1.3B BOOKKEEPING Bench (2012, $26M) INVOICING AvidXchange (2000, $240M) EXPENSE MANAGEMENT Concur (1993, $300M) $607M$1.7B$58M TAXATION Avalara (2004, $287M) ACCOUNT RECONCILIATION Blackline (2001, $220M) AUDITING AuditFile (2011, $5.5M) $5.5M$237M$366M OTHER FINANCE FUNCTIONS ACCOUNTING ENABLERS The Neat Comapny (2002, $16.7M) $68M CORPORATE PERFORMANCE MANAGEMENT Anaplan (2006, $231M) QUOTE-TO-CASH Zuora(2007, $250M) PAYROLL & BENEFITS ADMINISTRATION Zenefits (2013, $584M) PROCURE-TO-PAY Tradeshift (2009, $266M) $635M$1.1B $921M$1.1B
  • 27. Finance and Accounting Report, August 201627 Top Business Models by Funding $1.8B $1.3B $1.1B $1.1B $930M $635M $607M $340M $238M $61M 0 400 800 1200 1600 2000 Invoicing Accounting Suite Payroll & Benefits Management Corporate Performance Management Quote-to-cash Procure-to-Pay Expense Management Taxation Account Reconciliation Accounting Enablers TotalFundingAmount(inMillions) # Cos. 214 167 71 118 69 22 115 50 18 37 Avg. Age 2007.3 2003.9 2003.5 2004.4 2007.4 2002.2 2009.2 2006.3 2002.1 2011.5 eCredit Xero Zenefits Anaplan Zuora Tradeshift Concur Avalara BlackLine The Neat Company AvidXchange Workday Gusto Adaptive Insights Apttus Coupa Chrome River Sabrix ByAllAccounts GruntWorx
  • 28. Finance and Accounting Report, August 201628 Invoicing – Business Model Description Companies included in this sector help businesses send and receive electronic invoices with payment options. It also includes companies helping to manage and track unpaid invoices for both receivables and payables. They automate the approval workflow for invoice payments. Payables & Receivables Dynamic Discounting Platforms Platforms facilitating companies to provide discounts to their customers for early payments. Companies automating the entire invoicing process for both accounts receivables and payables.
  • 29. Finance and Accounting Report, August 201629 Invoicing – Entrepreneur Activity and Investment Trend $12M $35M $25M $131M $64M $91M $199M $521M 3 9 14 16 18 13 22 22 0 5 10 15 20 25 0 120 240 360 480 600 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds $1.5B $343M 0 320 640 960 1280 1600 Payables & Receivables Dynamic Discounting Platforms FundingAmount(inMillions) BM wise Investment 91 25 17 12 8 7 7 6 0 20 40 60 80 100 United States India United Kingdom Canada Australia Israel Sweden Germany NumberofCompanies Distribution of Companies across Countries 11 12 11 14 19 20 29 31 0 7 14 21 28 35 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
  • 30. Finance and Accounting Report, August 201630 Invoicing – Most Funded Companies Company Overview Business Model Funding Amount ecredit.com eCredit (1993, Boca Raton) Credit scoring and Collection automation solution provider. SAP, Bain Capital Ventures, J.P. Morgan, Citi, Battery Ventures, Trident Capital, Draper Richards, Apex Venture Partners, FTV Capital, Internet Capital Group, North Hill Ventures, Sterling Partners, Actua, Vertex Ventures Invoicing > Payables & Receivables > Receivables > Risk Analysis > Collections $482M avidxchange.com AvidXchange (2000, Charlotte) Online bill-pay for business Foundry Group, Bain Capital Ventures, QED Investors, Harbourvest Partners, KeyBank, Boathouse Capital, Square 1 Bank, Piedmont Angel Network, Nyca Partners, CT Communications Invoicing > Payables & Receivables > Payables $239.95M bill.com Bill.com (2006, Palo Alto) SaaS Accounting for SMBs American Express, Bank of America, Emergence Capital, Silicon Valley Bank, Scale Venture Partners, August Capital, Jafco Ventures, DCM Ventures, Commerce Ventures, TTV Capital, Napier Park Global Capital, Fifth Third Bancorp, West Capital, Icon Ventures Invoicing > Payables & Receivables $159.1M taulia.com Taulia (2009, San Francisco) Electronic invoicing and dynamic discounting solution. Trinity Ventures, TELUS, Matrix Partners, DAG Ventures, Lakestar, Questmark Partners, Ulu Ventures, EDBI, Zouk Capital, The Angels’ Forum (TAF), BBVA Ventures Invoicing > Dynamic Discounting Platforms $131.46M primerevenue.com PrimeRevenue (2003, Atlanta) Financial Supply Chain software offering cash flow solutions Battery Ventures, RRE Ventures, Brown Brothers Harriman Invoicing > Dynamic Discounting Platforms $113.64M c2fo.com C2FO (2008, Fairway) Provides platform for Cash Flow Optimization between Business and Suppliers. Union Square Ventures, Tiger Global Management, Citi, Temasek, Summerhill Venture Partners, OpenAir Equity Partners, Vformation, Iron Mountain, Juvo Capital, Mithril Invoicing > Dynamic Discounting Platforms $97.7M
  • 31. Finance and Accounting Report, August 201631 Accounting Suite – Business Model Description This section includes all the software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, trial balance etc. Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting, for example: bookkeeping, general ledger, invoicing, expense management, account reconciliation, auditing, payroll, taxation and reporting solutions. These softwares can either be on-premise license-based or saas-based.
  • 32. Finance and Accounting Report, August 201632 Accounting Suite – Entrepreneur Activity and Investment Trend $73M $108M $141M $115M $123M $194M $185M $290M 5 14 13 10 21 11 16 15 0 5 10 15 20 25 0 70 140 210 280 350 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds 70 28 15 9 5 4 4 3 0 16 32 48 64 80 United States India United Kingdom Australia Canada China Indonesia Denmark NumberofCompanies Distribution of Companies across Countries 6 7 10 8 12 18 17 9 0 4 8 12 16 20 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
  • 33. Finance and Accounting Report, August 201633 Accounting Suite – Most Funded Companies Company Overview Business Model Funding Amount xero.com Xero (2006, Wellington) Online Accounting Software for SMBs Accel, Matrix Partners, Valar Ventures, NZVIF, Sparkbox Accounting Suite $355M workday.com Workday (2005, Pleasanton) Human Resources and Financial Management Suite Greylock Partners, Kalaari, Morgan Stanley, NEA, InterWest Partners, T. Rowe Price, Bezos Expeditions Accounting Suite $238.5M financialforce.com FinancialForce (2009, San Francisco) Cloud ERP solutions provider Salesforce, Advent International, TCV, MaRS IAF Accounting Suite $193.9M powerplan.com PowerPlan (1994, Atlanta) Asset accounting, tax and budgeting solutions JMI Equity, TPG, FS Investors Accounting Suite $110M intacct.com Intacct (1999, San Jose) Cloud ERP, Financial management and Accounting Applications Bessemer Venture Partners, Emergence Capital, Battery Ventures, Silicon Valley Bank, Sigma Partners, Sutter Hill Ventures, Costanoa, Split Rock Partners, JK and B Capital, Morgan Creek Capital Management, Hummer Winblad Venture Partners, Jackson Square Ventures Accounting Suite $95.8M freee.co.jp freee (2012, Minato) automated online accounting software e.ventures, DCM Ventures, Infinity Ventures, Softbank Investment, Recruit Holdings, Pavilion Capital Partners Accounting Suite $54.8M waveapps.com Wave Accounting (2009, Toronto) SaaS Accounting for SMBs and personal finance management. Charles River Ventures, OurCrowd, S23P, Business Development Bank of Canada, OMERS Ventures, Feddev Ontario, Iinkefcapital.com, Social Capital Accounting Suite $42.3M
  • 34. Finance and Accounting Report, August 201634 Payroll & Benefits Management – Business Model Description This section includes companies automating payroll calculation and disbursement and integrating with other HR offerings like payroll tax filings, health insurance, leave and attendance tracking and compliance related functions. Payroll Software Payroll Cards International Payroll Companies providing pre-paid cards to employees for receiving salary. Companies providing payroll disbursement software to multi-national companies. Software to automate payroll, tax filings and various compliance related functions.
  • 35. Finance and Accounting Report, August 201635 Payroll & Benefits Management – Entrepreneur Activity and Investment Trend $40M $5M $3M $26M $22M $14M $136M $628M 2 1 2 3 2 6 12 9 0 3 6 8 11 14 0 140 280 420 560 700 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds $1.1B $15M $4M 0 240 480 720 960 1200 Payroll Software International Payroll Payroll Cards FundingAmount(inMillions) BM wise Investment 39 8 5 4 3 2 2 1 0 9 18 27 36 45 United States India United Kingdom United Arab Emirates Canada China Singapore Australia NumberofCompanies Distribution of Companies across Countries 5 4 3 5 5 5 4 6 0 1 3 4 6 7 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
  • 36. Finance and Accounting Report, August 201636 Payroll & Benefits Management – Most Funded Companies Company Overview Business Model Funding Amount zenefits.com Zenefits (2013, San Francisco) SaaS HR Platform for SMBs Fidelity Investments, Insight Venture Partners, Andreessen Horowitz, SV Angel, Khosla Ventures, Founders Fund, General Catalyst Partners, IVP, Venrock, Maverick Capital, TrueBridge Capital Partners, TPG, Foresite Capital, Sound Ventures Payroll & Benefits Management > Payroll Software $583.6M gusto.com Gusto (2011, San Francisco) SaaS Payroll Management and Health Plan services Y Combinator, Salesforce, Emergence Capital, KPCB, General Catalyst Partners, GV, Sherpalo Ventures, Glynn Capital, Data Collective, Rothenberg Ventures, Ribbit Capital, Obvious Ventures, Homebrew, Google Capital, Designer Fund, Y Ventures, Pejman Mar Ventures, Pivot Investment Partners, Cota Capital Payroll & Benefits Management > Payroll Software $161.1M paycom.com Paycom (1998, Oklahoma City) Payroll Solution Payroll & Benefits Management > Payroll Software $99.7M exult.net Exult Inc (1998, Irvine) HR business process outsourcing services Goldman Sachs, DB Capital Partners Payroll & Benefits Management > Payroll Software $60M justworks.com Justworks (2012, New York City) Online payroll and benefits platform Redpoint Ventures, Index Ventures, Bain Capital Ventures, Thrive Capital, Bain Capital, Daring Journey Ventures Payroll & Benefits Management > Payroll Software $53M cloudpay.net CloudPay (1996, Raleigh) SaaS Payroll software and services Pinnacle Ventures, Rho Capital Partners, Rho Ventures Payroll & Benefits Management > Payroll Software $46M paycycle.com PayCycle (1999, Palo Alto) Online Payroll service provider. August Capital, Draper Richards, TTV Capital Payroll & Benefits Management > Payroll Software $24.5M
  • 37. Finance and Accounting Report, August 201637 Corporate Performance Management – Business Model Description This section includes companies that automate non-transactional processes of a business by offering financial planning tools for valuation, planning, budgeting and forecasting and help track key performance indicators. Financial Analytics Budgeting and Forecasting Treasury Management Cap Table Management Grant Management Companies that integrate with existing accounting software to automatically create budgets and forecasts. Companies managing a firm's liquidity and mitigating its operational, financial and reputational risk. Companies providing software for automated cap table management. Companies providing software for automated grant management for non-profit organization. Companies providing financial analytics software for effective reporting and performance management.
  • 38. Finance and Accounting Report, August 201638 Corporate Performance Management – Entrepreneur Activity and Investment Trend $77M $345M $53M $47M $126M $140M $209M $170M 10 14 9 13 15 14 15 17 0 4 7 11 14 18 0 80 160 240 320 400 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds $832M $129M $67M $53M $14M $0.4M 0 180 360 540 720 900 Financial Analytics Treasury Management Cap Table Management Budgeting and Forecasting Grant Management Capex Management FundingAmount(inMillions) BM wise Investment 66 10 9 7 5 3 3 2 0 14 28 42 56 70 United States United Kingdom Germany Canada Australia France India Ireland NumberofCompanies Distribution of Companies across Countries 5 4 11 8 7 7 9 9 0 2 5 7 10 12 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
  • 39. Finance and Accounting Report, August 201639 Corporate Performance Management – Most Funded Companies Company Overview Business Model Funding Amount anaplan.com Anaplan (2006, San Francisco) SaaS Corporate Performance Management Platform Salesforce, Shasta Ventures, Meritech Capital, DFJ Growth, Coatue, Harmony Partners, Granite Ventures, Workday, Baillie Gifford, Sands Capital, Founders Circle Capital, Founders Circle, Brookside Capital Corporate Performance Management > Financial Analytics $232M adaptiveinsights.com Adaptive Insights (2003, Palo Alto) SaaS Corporate Finance Management Salesforce, Bessemer Venture Partners, Norwest Venture Partners, ONSET Ventures, Relay Ventures, JMI Equity Fund, Cardinal Venture Capital, Monitor Ventures, RBC, Information Venture Partners Corporate Performance Management > Financial Analytics $176.3 M tidemark.com Tidemark (2010, Redwood City) SaaS Corporate Performance Management Greylock Partners, Redpoint Ventures, Andreessen Horowitz, Silicon Valley Bank, Tenaya Capital, Workday Corporate Performance Management > Financial Analytics $105.3M kyriba.com Kyriba (2000, San Diego) Treasury automation and risk management American Express, HSBC Group, Upfront Ventures, Iris Capital, Daher Capital, BRED Banque Populaire, Coface, Mangrove Capital Partners Corporate Performance Management > Treasury Management $90.5M hostanalytics.com Host Analytics (2000, Redwood City) Cloud Enterprise Performance Management Next World Capital, Eastward Capital Partners, StarVest Partners, Trident Capital, ATV, Cultivation Capital, Centerview Capital Corporate Performance Management > Financial Analytics $88.65M commercesync.com Commerce Sync (2005, Denver) Accounting software to keep track of financial health of the business Intel Capital, Venrock, Appian Ventures, TTV Capital, Meritage Funds, TTV Capital, Augury Capital Partners, Iron Gate Capital, Camp One Ventures, Service Provider Capital, First Data Merchant Services Corporation Corporate Performance Management > Financial Analytics $67.46M
  • 40. Finance and Accounting Report, August 201640 Quote-to-cash – Business Model Description Companies that offer software for automation of end-to-end business processes on the sell side. These companies help in quote generation to contract management and billing. Subscription Billing End-to-End Software Companies providing automated management of end-to-end business processes on the sell side. Recurring billing solutions for subscription based revenue models
  • 41. Finance and Accounting Report, August 201641 Quote-to-cash – Entrepreneur Activity and Investment Trend $37M $9M $42M $62M $61M $163M $59M $339M 5 3 3 5 15 12 13 14 0 3 6 10 13 16 0 80 160 240 320 400 2008 2009 2010 2011 2012 2013 2014 2015 NumberofRounds FundingAmount(inMillions) YoY – Total Funding and No. of Rounds $767M $163M 0 180 360 540 720 900 End-to-End Software Subscription Billing FundingAmount(inMillions) BM wise Investment 35 6 6 4 4 3 3 2 0 8 16 24 32 40 United States Germany India Australia Netherlands Canada United Kingdom South Africa NumberofCompanies Distribution of Companies across Countries 5 2 3 10 6 5 4 5 0 2 5 7 10 12 2008 2009 2010 2011 2012 2013 2014 2015 NumberofCompaniesFounded YoY – No. of Companies Founded
  • 42. Finance and Accounting Report, August 201642 Quote-to-cash – Most Funded Companies Company Overview Business Model Funding Amount zuora.com Zuora (2007, Foster City) Subscription billing and management Greylock Partners, Redpoint Ventures, Index Ventures, Next World Capital, Benchmark Capital, Vulcan, Shasta Ventures, Webb Investment Network, BlackRock, Tenaya Capital, Passport Capital, Northgate, Wellington Management Quote-to-cash > End- to-End Software $250M apttus.com Apttus (2006, San Mateo) CRM SaaS Pricing, Quoting, and Contracts Salesforce, Iconiq Capital, K1 Investment Management, Kuwait Investment Authority Quote-to-cash > End- to-End Software $186M ariasystems.com Aria (2003, San Francisco) Subscription Billing & Management Software VMware, Rembrandt Venture Partners, Bain Capital Ventures, Tugboat Ventures, Venrock, InterWest Partners, Hercules Capital, Hummer Winblad Venture Partners, madbaycap.com Quote-to-cash > End- to-End Software $126.78M steelbrick.com SteelBrick (2002, Palo Alto) SaaS based CPQ for SalesForce.com users Salesforce, Emergence Capital, IVP, Shasta Ventures, Lighter Capital Quote-to-cash > End- to-End Software $77.5M gotransverse.com goTransverse (2008, Austin) SaaS activity-based billing platform Siedentopf Quote-to-cash > End- to-End Software $47M vindicia.com Vindicia (2003, Redwood City) SaaS subscription and recurring billing ONSET Ventures, DCM Ventures, BDMI, FTV Capital, Leader Ventures Quote-to-cash > Subscription Billing $37.6M metratech.com MetraTech (1998, Waltham) Agreements-based billing and settlement solutions provider. Accel, Meritech Capital, Vesbridge Partners Quote-to-cash > Subscription Billing $30M
  • 43. Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 3 43
  • 44. Finance and Accounting Report, August 201644 Interesting Unfunded Companies Company Overview Business Model Clams (2016, New York) Debt collection engine as a service. Invoicing > Payables & Receivables > Receivables > Risk Analysis > Collections Everlance (2015, San Francisco) Mileage expense tracking for self employed. Expense Management > Expense Reporting Software Mouba (2016, Bucaramanga) Cloud-based accounting software for SMEs. Accounting Suite Collectly (2015, San Francsico ) Automated debt collection software. Invoicing > Payables & Receivables > Receivables > Risk Analysis > Collections ProfitModeler (2015, San Francisco) Account reconciliation across sales, payment and accounting systems. Account Reconciliation Billwerk (2015, Hofheim am Taunus) Subscription billing solution provider. Quote-to-cash > End-to-end Software Balanc3 (2015, NYC) Smart contract powered triple-entry accounting system. Invoicing > Payables & Receivables > Receivables Crediwire (2015, Copenhagen) Real time financial data connector between banks and SMEs. Invoicing > Payables & Receivables > Receivables > Risk Analysis PointDexter (2016, Los Angeles) Automated financial projection software. Corporate Performance Management > Budgeting and Forecasting KontaMX (2015, Toluca) Cloud-based accounting software for SMEs. Accounting Suite Curated list of companies by the sector analyst are defined as Interesting
  • 45. Finance and Accounting Report, August 201645 Interesting Seed Companies Company Overview Business Model Total Funding procurify.com Procurify (2011, Vancouver) Procure-to-Pay Automation for SMBs Nexus Venture Partners, GrowLab, Point Nine Capital, Business Development Bank of Canada, HIGHLINEvc Procure-to-Pay $5.6M zervant.com Zervant (2010, Espoo) Invoicing and time tracking for SMBs Conor Venture Partners, Tekes Accounting Suite $3.4M payable.com Payable (2013, San Francisco) Billing Solution for Gig-Economy Redpoint Ventures, General Catalyst Partners, Rothenberg Ventures, Freestyle, Hay Stack, Moment Ventures, Sherpa Ventures, Lerer Hippeau Ventures Invoicing > Payables & Receivables > Receivables > Time Tracking $2.1M wagepoint.com Wagepoint (2012, Kitchener) SaaS payroll application for SMBs Atlantic, Cardinal Bank, EVP Payroll & Benefits Management > Payroll Software $2M happay.in Visage Payroll (2014, Dallas) Free full service payroll for small businesses and startups. Stage 1 Ventures Payroll & Benefits Management > Payroll Software $500k SE.M. Labs (2015, Stuttgart) Usage based billing platform using IoT. The High-Tech Gründerfonds (HTGF), MBG Mittelständische Beteiligungs Quote-to-cash > Subscription Billing $881k Cardlife (2015, London) Expense management platform for subscriptions. Seedcamp Expense Management > Expense Reporting Software Undisclosed TrusTill (2016, Brisbane) Payment processing platform for legal, accounting and financial professionals. BlueChilli Invoicing > Payables & Receivables > Receivables Undisclosed
  • 46. Finance and Accounting Report, August 201646 Interesting Series A Companies Company Overview Business Model Total Funding tsheets.com TSheets (2006, Eagle) Time Tracking Software Summit Partners Invoicing > Payables & Receivables > Receivables > Time Tracking $15M receipt-bank.com Receipt Bank (2011, London) Invoice data extraction software. Kennet Accounting Enablers > Data Standardization $15M canopytax.com Canopy (2014, Lehi) Tax resolution and practice management software provider for tax professionals. NEA, EPIC Ventures, Deep Fork Capital Taxation > Tax Filing $10M xpenditure.com Xpenditure (2011, Mechelen) Expense Management Software Expense Management > Expense Reporting Software $8.7M floqast.com FloQast (2013, Los Angeles) SaaS month end Account Management for SMBs Toba Capital, Polaris Partners, Amplify, Siemer and Associates, Wavemaker Partners Account Reconciliation $7.85M aplos.com Aplos (2009, California) Accounting Software for Non-profits sanjoaquincap.com Accounting Suite $7.4M karmiclabs.com Karmic Labs (2014, San Francisco) Saas to manage cash flow and expenses for a business Correlation Ventures, RPM Ventures, Draper Associates, Greycroft Partners, Accelerator Ventures, New Ground Ventures, Camp One Ventures, Trusted Expense Management > Expense Cards $7.7M
  • 47. Finance and Accounting Report, August 201647 Interesting Series B Companies Company Overview Business Model Total Funding avidxchange.com AvidXchange (2000, Charlotte) Online bill-pay for business Foundry Group, Bain Capital Ventures, QED Investors, Harbourvest Partners, KeyBank, Boathouse Capital, Square 1 Bank, Piedmont Angel Network, Nyca Partners, CT Communications Invoicing > Payables & Receivables > Payables $239.95M gusto.com Gusto (2011, San Francisco) SaaS Payroll Management and Health Plan services Y Combinator, Salesforce, Emergence Capital, KPCB, General Catalyst Partners, GV, Sherpalo Ventures, Glynn Capital, Data Collective, Rothenberg Ventures, Ribbit Capital, Obvious Ventures, Homebrew, Google Capital, Designer Fund, Y Ventures, Pejman Mar Ventures, Pivot Investment Partners, Cota Capital Payroll & Benefits Management > Payroll Software $161.1M cloudpay.net CloudPay (1996, Raleigh) SaaS Payroll software and services Pinnacle Ventures, Rho Capital Partners, Rho Ventures Payroll & Benefits Management > Payroll Software $46M nexonia.com Nexonia (2002, Toronto) Software provider for multiple accounting features. Expense Management > Expense Reporting Software $14.2M tipalti.com Tipalti (2010, Agoura Hills) Automated online mass payment system SGVC Payroll & Benefits Management > International Payroll $13M avangate.com Avangate (2006, Redwood Shores) eCommerce and channel sales management solution provider Francisco Partners, 3TS Capital Partners, GECAD Quote-to-cash > Subscription Billing $7.5M chargebee.com Chargebee (2011, Chennai) Managed subscription billing service for SaaS Accel, Tiger Global Management Quote-to-cash > Subscription Billing $6.17M
  • 48. Finance and Accounting Report, August 201648 Interesting Late Stage Companies Company Overview Business Model Total Funding zenefits.com Zenefits (2013, San Francisco) SaaS HR Platform for SMBs Fidelity Investments, Insight Venture Partners, Andreessen Horowitz, SV Angel, Khosla Ventures, Founders Fund, General Catalyst Partners, IVP, Venrock, Maverick Capital, TrueBridge Capital Partners, TPG, Foresite Capital, Sound Ventures Payroll & Benefits Management > Payroll Software $583.6M tradeshift.com Tradeshift (2009, San Francisco) Collaboration, electronic invoicing and dynamic discounting solution PayPal, American Express, HSBC Group, Intuit, Data Collective, e.ventures, ruNet, Notion Capital, Kite Ventures, CreditEase, Morten Lund, Pavilion Capital Partners Procure-to-Pay $ 265.77M avalara.com Avalara (2004, Bainbridge Island) Cloud-based Taxation Service Battery Ventures, TCV, Warburg Pincus, Arthur Ventures, Sageview Capital, Benaroya Companies Taxation > Tax Filing $261.12M zuora.com Zuora (2007, Foster City) Subscription billing and management Greylock Partners, Redpoint Ventures, Index Ventures, Next World Capital, Benchmark Capital, Vulcan, Shasta Ventures, Webb Investment Network, BlackRock, Tenaya Capital, Passport Capital, Northgate, Wellington Management Quote-to-cash > End- to-End Software $250M anaplan.com Anaplan (2006, San Francisco) SaaS Corporate Performance Management Platform Salesforce, Shasta Ventures, Meritech Capital, DFJ Growth, Coatue, Harmony Partners, Granite Ventures, Workday, Baillie Gifford, Sands Capital, Founders Circle Capital, Founders Circle, Brookside Capital Corporate Performance Management > Financial Analytics $232M
  • 49. Finance and Accounting Report, August 201649 Interesting Late Stage Companies Company Overview Business Model Total Funding apttus.com Apttus (2006, San Mateo) CRM SaaS Pricing, Quoting, and Contracts Salesforce, Iconiq Capital, K1 Investment Management, Kuwait Investment Authority Quote-to-cash > End- to-End Software $186M adaptiveinsights.com Adaptive Insights (2003, Palo Alto) SaaS Corporate Finance Management Salesforce, Bessemer Venture Partners, Norwest Venture Partners, ONSET Ventures, Relay Ventures, JMI Equity Fund, Cardinal Venture Capital, Monitor Ventures, RBC, Information Venture Partners Corporate Performance Management > Financial Analytics $176.3 M coupa.com Coupa (2006, San Mateo) Cloud spend management software Mohr Davidow Ventures, Battery Ventures, Meritech Capital, Crosslink Capital, BlueRun Ventures, T. Rowe Price, Iconiq Capital, Northgate, El Dorado Ventures, Icon Ventures, Rally Ventures Procure-to-Pay $169M bill.com Bill.com (2006, Palo Alto) SaaS Accounting for SMBs American Express, Bank of America, Emergence Capital, Silicon Valley Bank, Scale Venture Partners, August Capital, Jafco Ventures, DCM Ventures, Commerce Ventures, TTV Capital, Napier Park Global Capital, Fifth Third Bancorp, West Capital, Icon Ventures Invoicing > Payables & Receivables $159.1M taulia.com Taulia (2009, San Francisco) Electronic invoicing and dynamic discounting solution. Trinity Ventures, TELUS, Matrix Partners, DAG Ventures, Lakestar, Questmark Partners, Ulu Ventures, EDBI, Zouk Capital, The Angels’ Forum (TAF), BBVA Ventures Invoicing > Dynamic Discounting Platforms $131.46M
  • 50. Finance and Accounting Report, August 201650 Interesting Late Stage Companies Company Overview Business Model Total Funding tidemark.com Tidemark (2010, Redwood City) SaaS Corporate Performance Management Greylock Partners, Redpoint Ventures, Andreessen Horowitz, Silicon Valley Bank, Tenaya Capital, Workday Corporate Performance Management > Financial Analytics $105.3M c2fo.com C2FO (2008, Fairway) Provides platform for Cash Flow Optimization between Business and Suppliers. Union Square Ventures, Tiger Global Management, Citi, Temasek, Summerhill Venture Partners, OpenAir Equity Partners, Vformation, Iron Mountain, Juvo Capital, Mithril Invoicing > Dynamic Discounting Platforms $97.7M kyriba.com Kyriba (2000, San Diego) Treasury automation and risk management American Express, HSBC Group, Upfront Ventures, Iris Capital, Daher Capital, BRED Banque Populaire, Coface, Mangrove Capital Partners Corporate Performance Management > Treasury Management $90.5M hostanalytics.com Host Analytics (2000, Redwood City) Cloud Enterprise Performance Management Next World Capital, Eastward Capital Partners, StarVest Partners, Trident Capital, ATV, Cultivation Capital, Centerview Capital Corporate Performance Management > Financial Analytics $88.65M transactis.com Transactis (2001, New York City) White label for bill payments Capital One, Metamorphic Ventures, Wells Fargo, ff Venture Capital, StarVest Partners, Safeguard Scientifics, Fifth Third Bancorp, Alpine Meridian, PNC Financial Services Group, Harland Financial Solutions, TD Bank Invoicing > Payables & Receivables > Receivables $66.7M
  • 51. Finance and Accounting Report, August 201651 Interesting Late Stage Companies Company Overview Business Model Total Funding freee.co.jp freee (2012, Minato) automated online accounting software e.ventures, DCM Ventures, Infinity Ventures, Softbank Investment, Recruit Holdings, Pavilion Capital Partners Accounting Suite $54.8M justworks.com Justworks (2012, New York City) Online payroll and benefits platform Redpoint Ventures, Index Ventures, Bain Capital Ventures, Thrive Capital, Bain Capital, Daring Journey Ventures Payroll & Benefits Management > Payroll Software $53M ariasystems.com Aria (2003, San Francisco) Subscription Billing & Management Software VMware, Rembrandt Venture Partners, Bain Capital Ventures, Tugboat Ventures, Venrock, InterWest Partners, Hercules Capital, Hummer Winblad Venture Partners, madbaycap.com Quote-to-cash > End- to-End Software $126.78M chromeriver.com Chrome River (2007, Los Angeles) SaaS Expense Reporting & Invoice Management Bain Capital Ventures, Great Hill Partners, First Analysis, Argentum Group Expense Management > Expense Reporting Software $120M primerevenue.com PrimeRevenue (2003, Atlanta) Financial Supply Chain software offering cash flow solutions Battery Ventures, RRE Ventures, Brown Brothers Harriman Invoicing > Dynamic Discounting Platforms $113.64M financialforce.com FinancialForce (2009, San Francisco) Cloud ERP solutions provider. Salesforce, Advent International, TCV, MaRS IAF Accounting Suite $193.9M blackline.com BlackLine (2001, Woodland Hills) Account Reconciliation Software. Silver Lake, Iconiq Capital Account Reconciliation $220M
  • 52. Finance and Accounting Report, August 201652 Deadpooled Companies Company Overview Business Model Funding Amount harborpayments.com Harbor Payments (2000, Atlanta) B2B invoice payments Oak Investment Partners, Ellis Communications Invoicing > Payables & Receivables $40M avolent.com Avolent (1995, San Francisco) Self-service eBilling and eSettlement software provider. Intuit, Wells Fargo, ATV, Rho Capital Partners, Columbia Capital, Rho Ventures, RBC, constellationventures.com Invoicing > Payables & Receivables > Receivables $39M e-duction.com E-Duction (1997, Blue Bell) Financial and payroll processing solutiions RRE Ventures, Inter Atlantic Group, Apex Venture Partners, Novitas Capital, TTV Capital Payroll & Benefits Management > Payroll Software $20.5M newriverinnovation.com New River Innovation (2009, Greensboro) Tax Technology Firm Intersouth Partners Taxation > Tax Filing $3.2M activecell.com Activecell (2010, New York City) BI Visualization Solutions Corporate Performance Management > Financial Analytics $1.49M crisply.com Crisply (2010, Boston) Time tracking and billing SaaS. Invoicing > Payables & Receivables > Receivables > Time Tracking sembrotax.com Sembro Development (2013, Charlotte) Bitcoin accounting software. Account Reconciliation capital-processing.com Capital Processing (2006, Tarzana) Online Payment Processing Application Quote-to-cash > Subscription Billing
  • 53. Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 3 53
  • 54. Finance and Accounting Report, August 201654 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Large Upcoming Sectors Entrepreneur Activity Link Niche Upcoming Sectors Entrepreneur Activity Link Top investments in last one year Investment Trend Link Top IPOs Exit Outlook - IPO, Acquisitions Link Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link Accounting Suite – Most Funded Companies Sub Sector Understand Link Payroll & Benefits Management – Most Funded companies Sub Sector Understand Link Invoicing – Most Funded Companies Sub Sector Understand Link Corporate Performance Management – Most Funded Companies Sub Sector Understand Link Quote-to-cash – Most Funded companies Sub Sector Understand Link Deadpooled Companies Companies Link
  • 55. Finance and Accounting Report, August 2016 Join over 150+ Venture Funds and Corporates who leverage Tracxn 55 |Scout interesting companies across your areas of interest |Regular updates on interesting sectors and business models |Custom deal diligence support Request Demo
  • 56. Finance and Accounting Report, August 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team & About Tracxn 6 56
  • 57. Finance and Accounting Report, August 201657 Finance and Accounting – Company List COVERS THE FOLLOWING SECTORS Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to-Pay Quote-to-cash Taxation Auditing Account Reconciliation Accounting Enablers
  • 58. Finance and Accounting Report, August 201658 Accounting Suite (1/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Xero [Wellington, 2006]: Xero provides online accounting software and services for small and medium businesses. It includes automatic bank and credit card account feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, and standard business and management reporting. Xero can automatically import bank and credit card statements. Xero also offers an API that enables integration into external applications with Xero. Android and iOS apps are available for onsite invoicing. It has over 200,000 users and paying customers in more than 100 countries. $355M Accel, Matrix Partners, Valar Ventures, NZVIF, Sparkbox Workday [Pleasanton, 2005]: Workday offers SaaS-based enterprise solutions for human resources, payroll and financial management. It offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Its products include Human Capital Management, Financial Management, Talent Insights, Professional Services Automation. It has more than 700 customers, spanning mid-sized organizations to global Fortune 500 businesses. It serves the finance, healthcare, manufacturing, education, and technology industries worldwide. Cloud Integration connectors include Human Resource Management (Salesforce Chatter,Kronos, AngelPoints etc), Financials (Salesforce sales cloud, CyberSource etc), Payroll,Expenses and Procurement. $238.5M Greylock Partners, Kalaari, Morgan Stanley, NEA, InterWest Partners, T. Rowe Price, Bezos Expeditions FinancialForce [San Francisco, 2009]: FinancialForce provides SaaS based Cloud ERP solutions and is based on Salesforce1 platform. It is targeted at primarily for growing companies, large or small. The solution provides Financial Management, Human Capital Management (HCM), Professional Services Automation (PSA), and Supply Chain Management (SCM) for spend management, inventory management applications. It started from a division of the UNIT4 group. Headquartered in SanFrancisco, it also has offices in Canada, UK and Spain. In FY 2014, it brought its total revenue run rate to $ 50 million. The customer base includes HP, Symantec, Greenway Health, Lexmark, NTT Centerstance, University of Houston, US News and VCE. It was named the Software Product of the Year at the 2013 Business Finance Awards and the #1 cloud computing to work for by Forbes. $193.9M Salesforce, Advent International, TCV, MaRS IAF
  • 59. Finance and Accounting Report, August 201659 Accounting Suite (2/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors PowerPlan [Atlanta, 1994]: PowerPlan provides a fully integrated suite of asset-centric accounting, tax, budgeting and analytics software solutions purpose-built to enable asset- intensive businesses to generate more cash, mitigate compliance risk and support a culture of cost management.It reshapes the way industries such as utilities, oil and gas, transportation, telecommunications and mining manage the detailed information for every asset required to maximize their value. $110M JMI Equity, TPG, FS Investors Intacct [San Jose, 1999]: Intacct is a provider of web-based or cloud ERP, financial management and accounting applications for hospitality businesses and CPA firms. The company’s financial management and accounting applications, in use by more than 8500 organizations from startups to public companies, are designed to improve business performance and make finance more productive. Intacct is also a three-time winner of a "Best Places to Work in Silicon Valley" award from Bay Area Newsgroup in 2011, 2012, and 2013. $95.8M Bessemer Venture Partners, Emergence Capital, Battery Ventures, Silicon Valley Bank, Sigma Partners, Sutter Hill Ventures, Costanoa, Split Rock Partners, JK and B Capital, Morgan Creek Capital Management, Hummer Winblad Venture Partners, Jackson Square Ventures freee [Minato, 2012]: freee is an automated online accounting software that syncs users bank accounts and automatically categorise entries to create financial reports. It takes freemium model and its paid plan begins at 980 JPY (~10 USD) per month per business. The company, formerly named as “CFO K.K.” It is the winner of Invinity Ventures Summit Launch Pad 2013 Spring, the most prestegious demo event in Japan. $54.8M e.ventures, DCM Ventures, Infinity Ventures, Softbank Investment, Recruit Holdings, Pavilion Capital Partners Wave Accounting [Toronto, 2009]: Wave is an accounting software for individuals and small businesses. Provides unlimited invoicing, easy accounting, payroll generation, and personal finance management services. It also helps accept payments along with keeping track of personal finances and investments. 1.5 million users on its platform in late 2013. Currently tracks almost $80 billion in small business income and spending.Wave integrates with expense tracking software Shoeboxed, and e-commerce website Etsy.Its payment function is backed by Stripe and it has acquired Vuru.co and Small Payroll to enhance its capabilities. $42.3M Charles River Ventures, OurCrowd, S23P, Business Development Bank of Canada, OMERS Ventures, Feddev Ontario, Iinkefcapital.com, Social Capital
  • 60. Finance and Accounting Report, August 201660 Accounting Suite (3/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors FreshBooks [Toronto, 2003]: FreshBooks provides SaaS based accounting applications for SMBs. It helps them manage their time and expenses, send branded invoices, and collect online payments by credit card, PayPal, or eCheck. Since 2004, over 5 million people have used FreshBooks to track time, organize expenses and invoice clients online and in the cloud. They have an inbuilt payment platform which enables the user to send and collect payments seamlessly. Industry accolades include the 2013 Stevie Awards for customer service and the 2013 IXDA Award for iPhone design. $30M Oak Investment Partners, Georgian Partners, Northleaf Capital Partners, Oak Investment Partners, www.atlasventure.com Clio [Vancouver, 2007]: Completely web-based, Clio is a practice management suite that is specifically designed for solo practitioners and small law firms. Clio offers all the features required to run a law practice from intake to invoice, with powerful features to manage cases, clients, documents, fastcase and dropbox integration, bills, appointment scheduling, time- tracking, reporting, and accounting through integration with Xero and Quickbooks. $26M Bessemer Venture Partners, Point Nine Capital, Version One Ventures, Acton Capital Partners, Version One Ventures, Acton Capital Partners Acumatica [Kirkland, 2007]: Acumatica provides cloud and on-premise based ERP solutions for SMEs. The product includes suites for financials, distribution, CRM, Marketing and project accounting suites built on its own platform, Acumatica Studio. Acumatica serves customers in the Americas, Africa, Europe, South East Asia, and the Middle East, through a global channel partner network of VARs, ISVs, and OEMs. It has been reporting over 300 % annual revenue growth every year since 2011. Acumatica has been named a Red Herring Top 100 Global Tech Company. $23.3M MYOB, Runa Capital, Almaz Capital, Visma, Runa Capital High Street Partners [Annapolis, 2003]: HSP provides cloud-based business services that simplify the management and control of international operations. Its signature solutions include HSP Overseas Direct, an integrated service bundle which incorporates all required recurring services, including international payroll, expense reimbursement, cash management, vendor payments, bookkeeping, quarterly and annual tax filings, and local statutory compliance, and HSP OverseasConnect, a cloud-based application for the aggregation and management of accounting, finance, HR and legal requirements across multiple geographies and lifecycles. Both solutions are offered with a full suite of custom Advisory Services. In 2014, Nair and Co. and High Street Partners merged to form Radius Worldwide. $20.3M Silicon Valley Bank, Sigma Partners, Gold Hill Capital, Baird Venture
  • 61. Finance and Accounting Report, August 201661 Accounting Suite (4/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors NWP Services Corp. [Costa Mesa, 1995]: NWP helps multi-housing owners in managing the operations of different properties. This includes utility expense management, energy management, electronic payments, accounting and IT solutions. Its solutions have automated various management functions like invoice processing, expense management and spend analysis on utilities. Residents have a choice to receive their bill online and also pay them online from NWP resident portal. $20M Crosslink Capital, Sycamore Ventures, Landmark Partners, Energy Investors Fund Firm58 [Chicago, 2005]: Firm58 is a cloud-based broker dealer and trading firm back office automation solutions. It has features such as profit analysis, compliance and surveillance, CSA and soft dollar management, compensation, accounting, position reporting and billing etc. $19.2M Pritzker Group, North Bridge Venture Partners A-SaaS [Tokyo, 2009]: A-SaaS ia a cloud tax, accounting and payroll system. A-SaaS accounting system for accounting firm and adviser with real-time accounting. Three types of input formats are availabe which are "journal entry format", "Cashbook input format," "transfer slip input format" as an input format. $15.06M Salesforce, Mobile Internet Capital, Arbor Ventures, Gree Ventures, Fidelity Growth Partners, Eight Roads Ventures Corefino [Sunnyvale, 2004]: Corefino, ‘Core Financials Outsourced for the SaaS-Savvy, Strategic CFO’ is a completely outsourced solution for replacing the aging on-premise approach to performing routine financials. Corefino offers a turnkey people/place/platform combination of outsourced accounting experts, outsourced technology and its Triple-C (Connect-Correct- Comply) Best Practices/ workflow framework. Corefino operates on a variety of Software-as-a- Service (SaaS)-based platforms via monthly subscriptions, and has formed strategic partnerships including ADP, EASi and Intaact. Corefino, recognized as a candidate for InformationWeek's 2009 ‘Top 50’ Start-Ups, is based in Burlingame, CA. $13.6M Opus Capital, Bay Partners
  • 62. Finance and Accounting Report, August 201662 Accounting Suite (5/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors inDinero [San Francisco, 2009]: inDinero is a financial software with services (SwS) solution for small businesses to automate accounting, tax and payroll activities for a flat fee. It helps small businesses manage their finances with accounting, payroll, and tax services. A SaaS fiscal modeling tool, inDinero continuously pulls in information from various credit-card and bank accounts, along with electronic payment services such as PayPal. It has budgeting tools based on previous transactions, alert functions, fiscal targeting tools and stats such as cash flow, income and spending. inDinero has over 80 employees with offices in San Francisco, Portland, and Manila. $10.82M Y Combinator, Kapor Capital, FundersClub, Y Ventures, CoyoteRidgeVC, Camp One Ventures, Streamlined Ventures, Cota Capital, QueensBridge Venture Partners Intuit [Mountain View, 1983]: Intuit Inc. is a provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks, Quicken and TurboTax, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries and Lacerte are Intuit’s tax preparation offerings for professional accountants. Turbobox is a software where users can plan & efile tax returns and the platform does an automatic search on all the clauses to save tax credits. $9.88M Backops [San Francisco, 2010]: BackOps is an integrated, web-enabled, paperless back office providing technology, systems, and services to Small Businesses. Back office includes accounting, finance, and HR for entrepreneurs to focus on product and customer development. It provides SaaS as well as work from home employees to support the business operations of small businesses On top of the service is an analytics platform to help customers monitor their businesses with alerts, notifications and access to data about the business. Raised $5M from Google Ventures and e.Ventures in 2013. $8.65M CrunchFund, Google Ventures, Data Collective, Promus Ventures, e.ventures, Kima Ventures, Infinity Ventures, Sherpa Ventures Daxko [Birmingham, 1998]: Daxko provides operations and accounting software solutions for member-centric nonprofits. Features like online account management, registration, membership sales, and donations help users interact online with their customers. Users are able to generate key accounting reports to view the financial stability of their full association, branch, department, fund, or by program. Custom-built reporting options means users get the data in easy-to understand format. $7.75M Pamlico Capital, Frontier Capital
  • 63. Finance and Accounting Report, August 201663 Accounting Suite (6/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors BookKeeping Express [McLean, 1984]: BookKeeping Express focuses on personalized business bookkeeping services that seamlessly integrates a sophisticated, cloud-based financial reporting platform with oversight from a team of accounting experts to make the business financial process more efficient and affordable. $7.54M Paulson Investment Aplos [California, 2009]: Aplos Software is a privately held company that specializes in software as a service for nonprofit organizations. The Aplos suite of nonprofit software includes Aplos Accounting, a fund accounting software; Aplos Donor Management, an online donation and donor management software; Aplos e-File, an IRS return and submission software; and Aplos Oversight, a management software for accountants or administrators to oversee the finances of multiple nonprofits or churches. Pricing ranges from $15/month to $50/month. $7.4M sanjoaquincap.com AccountsIQ [Blackrock, 2004]: Visor Limited offers an online accounting platform for businesses in Ireland, the United Kingdom, the United States, Australia, and India. The company offers accountsIQ, a cloud accounting software system that allows SMEs to manage their accounting processes using the Internet. Its modules include sales and purchase order management, inventory management, cashflow management, banking, budgeting, business intelligence, tax returns, paperless office, dashboards, group data consolidation, eBanking integration, integrating other applications, white label accountsIQ, Excel Add-in, and workflow approval. The company serves accountants and their clients, franchisors and their franchisees, and groups with several linked subsidiaries; and sales consultants, global payment providers, offshore finance companies, and traditional accountancy practices. $5.15M AIB Seed Capital Fund, Enterprise Equity FreeAgent [Edinburgh, 2007]: FreeAgent is a web-based accounting and money management tool for freelancers and small businesses. It is mainly used to manage and maintain clients business accounts, track time, log expenses, create and send invoices and in forecasting tax bills. It currently being used by 35,000 freelancers and small businesses. In 2012 it acquired the American startup 60mo, in order to expand into the US market. It topped Deloitte's list of fastest growing technology firms in 2013. $4.86M Lightbank, Point Nine Capital, Iris Software, SaaS Capital
  • 64. Finance and Accounting Report, August 201664 Accounting Suite (7/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Moe Delo [Moscow, 2009]: Online accounting SaaS company focused on Russian market. Provides small and medium businesses with online accounting and tax services, supported with professional consulting. $4M Black River Ventures Smacc [Brandenburg, 2015]: Smacc offers small and medium-sized business a platform to digitize and automate accounting and financial processes. Its process starts with a user submitting his receipts to Smacc, which turns them into a machine-readable format, encrypts them, then allocates them to an account. The platform self-learns, tracking invoices, sales, and costs, as well as user's liquidity. The system checks against some 64 data points, verifies the invoice, checking, for example, that the math adds up, and even if the VAT-ID and its issuers are correct. Once the system has learned how to deal with the supplier on position levels, it will later do it seamlessly. Pricing starts from $55 per month for self-employed. $3.88M Grazia Equity, Rocket Internet, DvH Ventures, Cherry Ventures Zervant [Espoo, 2010]: Zervant offers invoicing and accounting software for single person companies. Zervant uses working hours and company expenses to automatically generate invoices, accounting, and also business tax returns. It is currently being used by 35,000 small businesses in over 130 countries. $3.4M Conor Venture Partners, Tekes EHoutai [Beijing, 2014]: Houtai is an online platform which provides financial account management tools for SMEs and start-ups. It provides various other services such as taxation, administration etc. Claims to have raised Series A round in May 2016. $1.8M China's Innovation Works, Xianfeng Evergreen
  • 65. Finance and Accounting Report, August 201665 Accounting Suite (8/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors EasyAccounting [Chengdu, 2015]: EasyAccounting is an online and mobile accounting platform for SMEs and individuals. It claims to help users maintain accounts book which includes revenue, expenses, payables and receivables and profits, and also inventory management, sales records and other functions. Claims to have raised angel round of funding. $1.5M Clear Books [London, 2008]: Clear Books provides online accounting software for startups, sole traders and small businesses. The online accounting software includes bookkeeping, invoicing, Tax reporting, Payroll and HR features. Clear Books was given the award of Best Cloud Accounting Suite by a team of independent judges at the UK Cloud Awards 2014 and Client Product of the year at The British Accountancy Awards 2014. $ 1.35M WAKR! Holding B.V. Liquid Accounts [Huddersfield, 2005]: Liquid online accounts is an online accounting software that allows any business to manage their accounts from any location with an internet connection. Pricing ranges from 7.95 Pounds/month to 39.95 Pounds/month depending on the features and size of the organization. It also offers a free ‘Client Manager’ package for accountants and bookkeepers to manage their clients’ accounts. It has won awards including Best Web-Hosted Accounting Software and runner-up for Best Small Business Accounting Software at the Software Satisfaction Awards. $1.16M Capital for Enterprise Guanplus [Beijing, 2014]: Guanplus is a SaaS solution for finance and accounting needs of enterprises. Users can capture sales business records, payments received, expenses incurred and payroll management on the platform. Has mobile app which lets its users enter data seamlessly and integrate it to the central system. Has more than 200 small and medium enterprises using the platform as of Aug 2015. $1.1M Matrix Partners, Glory Ventures inFakt [Poland, 2008]: inFakt provides accounting and invoicing applications for SMBs. Its accounting mobile app can be used on the go by small business owners and freelancers. It allows users to create and send new invoices, keep track of expenses, send declarations VAT-7 or VAT- 7K directly from the application inFakt to your tax office. It is planning to implement QR code- based bitcoin payments on the invoices where scanning the code will trigger an immediate bitcoin transfer. $1M Point Nine Capital, RTAventures
  • 66. Finance and Accounting Report, August 201666 Accounting Suite (9/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Yundaizhang [Beijing, 2011]: Yundaizhang provides enterprises with finance and accounting SaaS tools. It provides users with zero maintenance software solution and claims to provide customer satisfaction by providing accounting tools in real time via a mobile app. It has a SaaS- based pricing model from free service to 2.5 Yuan per user per month. It has raised funding from Yinxinggu Capital $764K Ginkgo Valley Capital Cheqbook [Kahului, 2010]: Cheqbook offers automated accounting solutions for small businesses. It categorizes downloaded bank transactions automatically using its feature called AccuScore Smart Categorization. It can be used to invoice customers by mail or email, accept online payments, run balance sheets, pay bills, including printed checks, and track personal expenses separately.Typically, Cheqbook pricing starts at $19.75 for one company with an unlimited number of users. $651K Mclowd [Melbourne, 2012]: Mclowd is a cloud-based accounting package which can be used to manage SMSF assets, liabilities, income and expenses, as well as generating reports for accounting and tax compliance. SMSF (Self Managed Super Funds) is a super annuation fund. $300k xTuple [Norfolk, 2001]: xTuple(previously OpenMFG) provides open source ERP, CRM and accounting software. The PostBooks Edition of xTuple ERP is a Free and Open Source Software (FOSS) application hosted on the cloud, available for download from SourceForge on the PostBooks project page. The Standard, Manufacturing, and Enterprise Editions are commercially licensed Enterprise resource planning solutions. The commercial Editions have more functionality for larger companies. It announced a double digit revenue growth in FY 2013. $200k WorkingPoint [San Francisco, 2005]: WorkingPoint is a comprehensive, integrated solution that provides critical business functions: financial, sales, customer relationship and inventory management. WorkingPoint is simple to use, web-based and built to save time and money for small businesses and sole proprietorships in the United States. It is based in San Francisco and venture-backed by CMEA. $188k CMEA Capital, Endurance Companies
  • 67. Finance and Accounting Report, August 201667 Accounting Suite (10/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Facturama [Mexico, 2012]: Facturama is a web application to create and manage electronic bills, mass payroll payments and accounting. They have monthly subscription fees based on the type of firm and number of transactions. It also provides collections and spend management within the app. $180K 500 Startups Biztory [Petaling Jaya, 2014]: Biztory is part of Vectory Innovation group Malaysia, is a cloud based accounting software. It helps the users in daily accounting, tax calculations, report generation etc. It works on a subscription basis which can be customized according to users need. $76k Reach Tax [Chennai, 2005]: ReachTax provides tax filing services to SMEs in India. Besides tax filing, it also helps in invoicing, receivables management, expense management and document management services. It also assists clients with a virtual acccountant who keeps track daily account details. $10K Morpheus Gang Exact [Delft, 1984]: Exact is a leading ERP provider for SMBs. It develops industry-specific on- premise or cloud-based solutions for companies in various industries such as manufacturing, services and construction. It supports all business processes such as administration, manufacturing, finance, HR, logistics, sales and marketing.It has a strong presence in Germany serving to about 3400 SMBs. Acquired by Sage group on July 24, 2014 to expand their market in Germany. Apax Partners
  • 68. Finance and Accounting Report, August 201668 Accounting Suite (11/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors FinArch [Merelbeke, 1997]: Financial Architects is a provider of financial management software, which has in-depth domain expertise, operational services, and technology solutions that enable financial institutions’ to implement cost-effective and reliable financial management platforms. Its flagship product, Financial Studio enables banks to meet International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) while also addressing the requirements of Basel II and Basel III, RAROC, and other risk-related performance measurement ratios. Its scalable architecture and functionally rich, fully customizable modules deliver a single application with the tools banks need to manage, measure, and report all their financial activities. Avedon Capital Partners Fiserv [Brookfield, 1984]: Fiserv is a provider of technology solutions to the financial world, including banks, credit unions, securities processing organizations, insurance companies, finance companies and mortgage banks. Fiserv launched Prologue financials, an accounting suite with built-in automation and controls and a newly designed user interface, enabling users to increase the efficiency of financial accounting processes. It allows bank and credit union accounting and finance managers to automate and streamline day-to-day processing, month-end reporting and reduce manual accounting efforts. dfjesprit The Sage Group plc [Newcastle Upon Tyne, 1981]: Sage is a supplier of financial business management software and services. From small start-ups to larger organisations it provides small and medium sized organisations with solutions accounting and payroll, to enterprise resource planning, customer relationship management and payments. Its products include Sage One which is an accounting and invoicing solution, Sage Live is a CPM solution, Sage X3 is their ERP offering and Sage Impact is their accountant productivity tool. Its subsidiary include Sage Enterprise Solutions; Apex Software Systems Ltd. (Ireland); Sage Software Inc. (USA); Sage US Holdings Inc. (USA); Peachtree Software Inc. (USA); Best Software Inc. (USA); Ciel SA (France); Sage France; Ubiquis SA (France); Sage KHG Software Gmbh & Co. KG (Germany); Softinc Ltd. (Switzerland); Interact Commerce Corporation (USA). Edison Partners
  • 69. Finance and Accounting Report, August 201669 Accounting Suite (12/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Ennota.com [Egypt, 2014]: Ennota.com is a simple, cloud-based financial management solution built for MENA region SMEs. It is a cash flow management tool that is secure and enables small businesses to record their transactions and view their data it in a visually intuitive way, specifically designed for business owners with no strong technical knowledge or strong accounting background. It is fully customizable and allow businesses to tailor-fit their own business spending and expenditure categories, and view trends that helps in making informed business decisions. Flat6labs Dixie [Copenhagen, 2015]: Dixie is a one-stop-shop for accounting, payroll, VAT, and tax. It offers back office outsourcing for SMBs with offerings like bookkeeping, payroll, VAT Reporting, Tax reporting and annual financial statement and more. It is part of Founders, start-up studio. Founders HireAthena [San Francisco, 2010]: HireAthena offers accounting and HR services that include bookkeeping, monthly financials, finance, payroll, and tax with a remote workforce and top-tier partners. It provides an all-in-one platform with an executive dashboard to keep accounting, bookkeeping, and payroll at fingertips, all while helping entrepreneurs, non-profits, and local business owners by matching them with stay-at-home talent. It leverages the Scalus software platform, which enables rapid on-boarding of remote employees, standardized quality, and full audit compliance. Hireathena is a spinoff of scalus and backops. GV, CrunchFund, Data Collective, Sherpa Capital, e.ventures MYOB [Springvale South, 1991]: MYOB provides accounting software for business owners and accountants. MYOB develops and delivers software, services and support for more than 1,000,000 businesses and accounting practices in Asia-Pacific region. The range of products and services include back office accounting, CRM, web site builder, domain name and hosting, and training. MYOB also works directly with accounting practices to streamline their processes and maximise their productivity. MYOB solutions are used by leading accounting practices from tax agents and sole practitioners to the Big 4 firms. Harbourvest Partners, Bain Capital
  • 70. Finance and Accounting Report, August 201670 Accounting Suite (13/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Advanced [Berkshire, 2010]: Advanced Computer Software Groupis a provider of software and IT services to the public, private and not for profit sectors. It claims to be third largest software provider to the UK market. Got listed on Aim in 2008 with a £32m market value, provides IT services to healthcare companies and NHS walk-in centres. Now it has grown to a £750m company in eight years and following its acquisition by Vista Equity Partners, in March 2015. Recently in 2016, it has undergone a global rebrand as Advanced. HgCapital Overboss [Sverdlovskaya, 2012]: Overboss provides SAAS solutions for the construction industry. It provides financial accounting for contract companies and building owners. It helps in planning and control of construction budget, preparation of accounting reports. For contractors, it analyses planned and actual costs, plans work schedule, keeps a record of domestic spending. Internet Initiatives Development Fund Contabilidade Online [Curitiba, 2013]: Contabilizei is a tax reporting and accounting automation service for a small flat fee. The platform performs the function of an accounting firm, allowing self-employed professionals, micro and small entrepreneurs fulfill their accounting and tax obligations, including the preparation and submission of all documents and reports required for the government. The company also promotes the settlement of new business by offering the free service of opening businesses. The company currently serves customers in more than 30 cities, including major cities. Kaszek Ventures, Curitiba Angels Iris Software [Datchet, 1979]: Iris offers range of cloud based accountancy software and services. It has over 53,000 companies using its accounting software. It also provides payroll solutions software to over 39,00 SMEs and payroll bureaus. Under the accounting solutions it provides full suite of services like bookkeeping, workflow management, tax management etc. The company was sold to H&F in 2007 by HG Cpaital, however, HG Capital bought it back with majority stakes in 2011. LDC
  • 71. Finance and Accounting Report, August 201671 Accounting Suite (14/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Wolters Kluwer [The Hague, 1836]: A global company that provides information, software, and services to professionals in four main areas: healthcare, tax, law and finance, that allows them to make decisions with confidence. The company employs 19,000 professionals around the world and supports customers in 150 countries. Wolters Kluwer has operations in 40 plus countries across Europe, North America, Asia Pacific and Latin America. MMF Reachaccountant [Chennai, 2010]: Online accounting Software as a Service for small businesses to help finish their accounts & file tax returns without needing professional accountants. Self or integrated features for CRM, billing/invoicing, PoS, accounting, inventory management, taxation, auditing etc. Incubated at Morpheus Venture Partners. Angel funded by Rajan Anandan and Rehan Yar Khan. Reported to have raised $540K from Sequoia Capital. Portfolio company of Orios Venture Partners Morpheus Gang, Orios Venture Partners Brookson [Warrington, 1995]: Brookson provides tax management, invoicing, cash management and financial back office services for self-employed contractors and micro businesses. Using its cloud-based SaaS platform called Brookson Connect, the company offers its customers comprehensive real-time data on their businesses’ financial and management information. They make sure that client is safe from HMRC with IR35, IR56 and contract reviews and also provide a free tax health check up. Riverside Company, Riverside Company, The Riverside GrowthForce [Kingwood, 2004]: Growthforce provides a team of bookkeeping experts which work with inhouse accounting teams to streamline and define the accounting processes. Once all the stakeholders agree to the processes a dedicated off-site team is assigned to do day-to- day accounting functions like processing Accounts Receivable, Accounts Payable, Bank Reconciliations, Payroll, Sales Tax and Bookkeeping. Windcrest Partners Machine [San Francisco, 2016]: Machine is an AI-driven SaaS that integrates with Gmail and third party payroll and bookkeeping software and offers startups an automated, real time accounting. As of July, it is stealth mode.
  • 72. Finance and Accounting Report, August 201672 Accounting Suite (15/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors CountUp [London, 2013]: CountUp allows users to receive tax alerts and notifications, get real- time access to their finance and statements, send invoices on the go directly to their clients, deal with their accountant via its platform and get rid of excel files and email communications. The company is in Beta stage as of July 2016. TopNotepad [Hyderabad, 2015]: TopNotepad is a web based application for invoicing & leads management and tracking payments & business expenses.Features include lead import/export, lead sourcing & quality assessment, automatic invoice generation and reports. Product of Almond Data Consulting. Reachbooks [Chennai, 2014]: Reachbooks is an online accounting software for accountants and tax consultants. Clients can use the Reachbooks online accounting software for their billing, purchasing, accounting, payroll and other activities and this can be used by accountants and tax consultants from any location to manage the clients book keeping and tax filing. The app is available in Free, Basic (INR 250/month), Standard (INR 500/month) and Premium (INR 1000/month) packages. Reylon [Bangalore, 2000]: Reylon develops software products for enterprise application. Its range of software includes domains like Tax and e-Filing, Payroll, and Accounting. Claims to have 15+ products, 60k users and is recognised by Income Tax Department, MCA, and NSDL. Accounting Software Group [Staunton, 1991]: Accounting Software Group (ASG) provides an accounting software application in three specific editions: the Financial Management System for business and corporate users, the Not For Profit system designed specifically for Non-Profit Organizations, and the Client Write-Up system geared specifically for CPAs and accounting firms. Financial Management System offers payroll processing, manufacturing, distribution and job project cost accounting functions such as General Ledger, Accounts Receivable, Payable etc.
  • 73. Finance and Accounting Report, August 201673 Accounting Suite (16/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors AME Software Products [Escondido, 2000]: AME Software products provides a business accounting software application. It includes Payroll, General Ledger, Accounts Receivable, Accounts Payable, 1099 Vendor Management, MICR check printing, and Direct Deposit. The software is mostly used by small and medium size businesses, as well as accounting practices that process payroll and do bookkeeping for other businesses. It's full package solution including payroll, GL, AR, AP with MICR is available at $598 one time with free updates for an year. Adminsoft Accounts [Nottingham, 2006]: Adminsoft Accounts provides a double-entry accounting system, with Accounts Receivable (Sales Ledger), Accounts Payable (Purchase Ledger), General Ledger (Nominal Ledger), Stock Control/Inventory, Purchase Order Processing, Sales Invoicing, Human Resources, and even a payroll (please see full details by following the 'Software' link). It's also multi-user, multi-company, and multi-currency. Additionally, it contains special modules for retail, cafe, and restaurant trade, and for point of sale and workshop operations in the auto trade. It is available for free and pricing for advanced solution starts at $135.00/one-time/user. Micronetics [Boca Raton, 1978]: Micronetics provide accounting software for accountants and SMEs. It's business accounting solution is integrated with AR, AP, inventory, GL, payroll, PO, Bank reconciliation and other modules. All modules can be run stand-alone or integrated. It's Accounting Xpert Enterprise edition is an integrated system consisting of Write-up, Bank Reconciliation, ATF Payroll and the W2 /1099 Laser Module. Pricing starts at $995.00/one-time. Access Your Biz [Smithtown, 2000]: Access Your Biz is a MS Office compatible accounting software with customizable screens for financial data manipulation and presentation. It's Small Business Edition offers the following business suite of applications: Accounts Payable, Accounts Receivable, Bank Reconciliation, General Ledger, Payroll, System Manager. It is available in a single-user package or multi-user package with pricing $995 and $1995 respectively. 10,000 transaction limit per module except for G/L module which has 30,000 transaction limit
  • 74. Finance and Accounting Report, August 201674 Accounting Suite (17/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors AccountantsWorld [Hauppauge, 1999]: AccountantsWorld offers cloud-based accounting solutions for accountants. Its flagship product Power Practise System has six seamlessly integrated modules that helps users work with their clients in collaboration. It's modules include Payroll Relief - fully compliant payroll processing system, Accounting Power - accounting solution to perform write-up and trial balance work and prepare fully customizable financial statements, plus a bookkeeping system for their clients, Cloud Cabinet - document management system, Website Relief - website builder, Directory listing for attracting new clients, Practise Relief for managing user's firm's billing and invoicing. R.K.Software [Rajkot, 1998]: R.K. Software is a full suite accounting software provider catering multiple sectors. The software service is branded as "Miracle"; Miracle provides unique advanced features like FTR, QAO, E-Mail, SMS etc. It is suitable for Accountants, Traders, Dealers, Distributors and Manufacturers. Arithmo [Oldham, 2008]: Arithmo provides online accounting software for small businesses and accountants. Features include quote creation, online invoicing, tracking account receivables and account payables, tax reporting, and bank reconciliation. Charges £55 per year for small businesses and £3.33 per month for accountants. Softrak [Vancouver, 1984]: 'Adagio Accounting software' from 'Softrack' is an accounting suite for growing businesses which are hindered by entry-level accounting. Modules include receivables, payables, invoicing, GL, inventory, order entry, purchase orders and others. The company was founded in 1984 and is based in Canada.
  • 75. Finance and Accounting Report, August 201675 Accounting Suite (18/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors AcTouch [Bangalore, 2013]: Actouch technologies provides cloud based business management applications for SMEs. Features include dashboard,inventory and financials tracking, modules for purchase, sales, financials and inventory, cash management reporting, order and invoice tracking, access from mobile and tablets.. Webketoan [Ho Chi Minh City, 2002]: Vietnam-based Webketoan is a company that provides accounting and financial software to enterprises. It provides customised solution to its clients for tax accounting, auditing and business tax calculation. Fund E-Z [New York City, 1991]: FUND E-Z develops accounting software, fundraising software, and medical billing software for nonprofit organizations. The modules in the accounting software includes general ledger, accounts payable, accounts receivable and purchase orders. It's accounting software creates and tracks budgets for multiple funds, programs, projects, grants, funding sources, and departments. It is fiscal year independent, with custom report creation capabilities. Nonprofits can properly demonstrate accountability across the board, with fundraising integration, andsatisfaction of cost reporting requirements. Flexi [Shelton, 1991]: Flexi provides FlexiFinancials, enterprise accounting software solutions for banking, insurance, and financial services industry. The FlexiFinancials suite consists of the following financial accounting modules that can operate independently or seamlessly integrated with each other or other applications:FlexiLedger, FlexiPayables, FlexiPurchasing, FlexiReceivables, FlexiAssets, FlexiProjects, FlexiFDW (Trading Ledger). Automated batch processing or real-time processing options put companies in control of how they want to process their data.
  • 76. Finance and Accounting Report, August 201676 Accounting Suite (19/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Peacksoft [Singapore, 2015]: Peacksoft's product FinAcct is an online accounting software designed to manage functions like book keeping and accounting. Features include real time view of cashflow and revenue flow, real time view of inventory, payroll management, online reports etc. Offers an accounting software for chartered accountants with functions like IT computation, balance sheets, P&L reports, cash flow statements, compliance reports, data collaboration etc. AccountsPortal [London, 2008]: AccountsPortal provides online accounting software for small businesses, contractors, bookkeepers, and freelancers. Features include online invoicing, tracking recurring invoices and payments, track incomes and expenditure, online reporting, VAT reporting, and a dashboard to get a consolidated view. Provides Stripe integration for accepting payments. Charges GBP 10 per month. ContaLink [Mexico, 2008]: Contalink provides accounting, administrative and financial platform to automate accounting functions for SMEs and accounting firms. It has features like obtaining invoices from SAT, calculating tax payables, analyze the financial and accounting information, manage accounts receivable and payable etc. The software can be used by CPA firms for free. VersaDev [Adelaide, 2000]: VersaDev is software company specializing in enterprise-wide Microsoft .NET applications for small to large-sized businesses. It provides various software products to provide accounting applications like account reconciliation, Accounts Payable Auto Invoice Processing & Routing Software, time writing and billing management etc. KontaMx [Toluca, 2015]: KontaMx provides accounting software that allows users to manage their business from any Internet-connected device. It provides features such as income and expense tracking, e-invoicing, taxe calculation, customer reports without facilities, licenses or maintenance payments. It also provides free accounting advisory. It offers products as basic and pro edition with pricing at $0 and $145/month respectively.
  • 77. Finance and Accounting Report, August 201677 Accounting Suite (20/39) Accounting Suite Bookkeeping Invoicing Corporate Performance Management Expense Management Payroll & Benefits Management Procure-to- Pay Quote- to-cash Taxation Auditing Account Reconciliation Accounting Enablers Company Details Funding Investors Xubio [Buenos Aires, 2015]: Xubio provides cloud-based accounting solution for small businesses. It has several features including e-invoicing, compliance with AFIP requirements, accounts receivables management, inventory tracking, income and expense reports. The product has free, plus and premium editions priced at $0, $399, $599 per month. e-conomic [Copenhagen, 2001]: E-conomic provides cloud-based accounting software for small and medium businesses. Its features include online invoicing, bank reconciliation, general ledger, free access to accountants etc. It integrates with other functions like inventory management, webshop or payroll systems. It also provides additional modules like subscription, project management. It comes in two versions, Small and Standard. Small version carries a limit of max. 4,000 transactions per accounting year whereas Standard version has no limit. Pricing starts at $33/month. Company was acquired by HgCapital in 2013 which then sold it to Visma in 2015. Accountek [North, 1991]: Accountek Solutions provides an accounting software for mid and small enterprises. Its software is branded as "Connected" which is a full featured enterprise accounting and ERP software compatible on Mac and/or PC platforms. It is used to manage the financial reporting, inventory, job costing, consolidation and multi-currency requirements, along with core accounting applications like payables, receivables, balance sheet management etc. BankTEL [Columbus, 1992]: BankTEL is an accounting and cash management software provider for financial institutions. It provider full suite accounting services - accounts payable, prepaid and accruals, vendor management, invoice approval, expense reporting, purchase orders, budgeting system etc. BankTEL helps more than 1,400 clients in all 50 states and multiple international locations cut costs, increase deposits, and automate their internal processes.