Panalitix, an online platform that provides members access to growth-enabling tools, is preparing to list on the Australian Securities Exchange.
The company, which is based in Australia but serves 230 clients in the United States, provides accountants access to an online library of resources and training courses as well as client monitoring and marketing automation tools. In July, the Panalitix app became available on Intuit’s app marketplace.
Panalitix aims to raise at least U.S. $7.7 million in its IPO early next year. Currently, Panalitix is pre-raising funds, with a goal of $2.3 million.
Over the past year, the company grew the number of accounting firms on its platform from 420 to 740 in nine countries. CEO Rob Nixon told Accounting Today that Panalitix aims to add “5,000 more firms in the United States over the next few years.”
According to Nixon, each firm pays approximately $1,000 a month to access Panalitix’s software and marketing, sales, client engagement and e-learning tools for the firm and their clients.
Panalitix began as an accountant coaching group called Proactive Accountants Network. In 2014 the group changed form to a software company, Panalitix, in a bid to provide a software solution to address the challenges that hold accounting firms back from growing their profits, capacity and revenue.
Since its founding, Panalitix has seen 70 percent year-on-year revenue growth. At the end of 2016, its annualized recurring revenue is projected to be $5.4 million.
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