Tuesday, 08 December 2015 11:45

Di Marco invests in SaaS start-up Practice Ignition Featured

By
Adrian Di Marco, TechnologyOne Adrian Di Marco, TechnologyOne

TechnologyOne founder Adrian Di Marco has taken a stake in accounting software provider Practice Ignition, joining MYOB co-founder Craig Winkler as an investor in the company.

Practice Ignition says it will use the latest round of funding to bring in new talent in its offices located in Australia, New Zealand, the United Kingdom, Canada and the United States.

Di Marco and Winkler both share a long history in the Australian technology industry, founding two of Australia’s largest publicly listed software companies. Other investors in Practice Ignition with Di Marco and Winkler are Canadian-based Real Ventures and a high level executive from US startup unicorn Gusto (formerly Zen Payroll).

Di Marco said Practice Ignition’s “unique opportunity for growth as a true cloud provider, delivering software as a service” is what attracted his investment.

“Practice Ignition is solving a significant business problem for accountants. It will allow accountants to streamline their business, reduce costs, and increase efficiencies dramatically. It is a perfect example of technology redefining an industry, and creating a global opportunity.

“Because Practice Ignition is born global it isn’t confined by geographic boundaries, which positions it well for rapid growth.

“It is a company with huge potential, and an example of Australian innovation at its best.

“There is a lot of positive energy around the tech startup scene in Australia now, and investment in companies like Practice Ignition is where the future of this country lies.”

Practice Ignition co-founder Guy Pearson said the company supports accountants in embracing cloud-based software, enabling accountants to establish a virtual CFO relationship with their small business owner clients and deliver them an exceptional client experience. “This frictionless engagement between accountants and their clients streamlines processes and removes inefficiencies associated with on premise setups,” Pearson said.

“Accounting systems that require substantial manual data entry are dying off, as accountants increasingly look for tools to run their own businesses more efficiently and provide a better experience for their clients.

“We’re seeing huge growth in the number of small business owners looking to take advantage of the cloud. Accountants are perfectly poised to assist in this move with their knowledge of numbers and information flows.

“There are 1.4 million accounting practices in the English-speaking world, which provides enormous opportunity for us. Right now we’re managing 10,000 relationships between clients and their accountants, and our aim is to see this increase 10-fold in the next 12 months.

“The investment and advice we have received in this current fundraising round allows us to make this a reality.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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