Accounting Seed, a leading cloud-based provider of accounting and financial management software, today announced that it has received a significant growth investment from H.I.G. Growth Partners (“H.I.G.”) the dedicated growth capital affiliate of H.I.G. Capital, a leading global alternative investment firm. With over 1,000 customers, Accounting Seed plans to use the growth capital from H.I.G. to expand the company’s product development, support, marketing, and sales efforts.
Founded in 2008 by Tony Zorc—Chief Executive Officer, IT expert, and now author—Accounting Seed is a full accrual accounting solution serving small to midsize enterprises across all industries. Accounting Seed’s built-in, easy-to-use “click, no code” configurations, automation, and countless customization options allows the platform to scale along with customers’ unique needs, processes, and requirements.
“We are thrilled to partner with H.I.G. on our next phase of growth, while also further deepening our customer and partner network within the Salesforce ecosystem,” said Zorc. “We plan to invest greater resources to further enhance our platform, allowing customers and partners to create more custom, all-in-one solutions that fit their respective needs.”
After two years of interviewing potential investment partners, Accounting Seed selected H.I.G. because of their passion for and success with technology and software businesses, alignment with Accounting Seed’s growth strategy, focus on Accounting Seed’s target markets, and deep experience with pursuing strategic, add-on acquisitions.
“Investing in Accounting Seed’s SaaS accounting platform presents a mutually beneficial partnership,” says Evan Karp, Managing Director at H.I.G. “As a mission-critical accounting platform, Accounting Seed is already transforming businesses across the globe, and we are excited to be on this continued growth journey with them.”
“The partnership with H.I.G. brings more resources for Accounting Seed to expand our development team and operations, providing the tools needed to bring new features, educate and train our partners, and support the ever-growing needs of our customers,” said Caroline Beatson, Chief Operations Officer at Accounting Seed. “It’s an exciting time for everyone at Accounting Seed!”
Piper Sandler advised Accounting Seed on the transaction with legal counsel from Cooley LLP.
About Accounting Seed
Headquartered in Columbia, Maryland, Accounting Seed was founded in 2008 by Tony Zorc, a CPA and former CFO who believes in a better way to do accounting. The platform’s innovative, flexible, and robust architecture allows customers to manage their financial data their way. Powered by the Salesforce platform, Accounting Seed’s secure and trusted technology enables a 360-degree view of a customer’s business, putting the time back in their hands. For more information, visit www.accountingseed.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $44 billion of equity capital under management. H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe, and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.