Avii gets first external funding in two decades

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Avii, which makes a subscription-as-a-service accounting practice management platform, has received its first external funding. The investment, which is an undisclosed amount, comes from Blue Diamond capital. Avii is debt-free and has self-funded more than $2.5 million to date, it reports.

The new investment will be used to accelerate hiring of key marketing, sales and software development positions to support the company’s growth during 2020, the company stated.

Avii is not a startup — it has been providing on-premise accounting software to large clients including KPMG, and its software has been used for audits and other accounting initiatives for federal funds that pass through key national and state government organizations, according to the company. Its product Avii Workspace is especially geared to the more than 10,000 accounting practices that employ 20 or fewer CPAs and who may be underserved by traditional accounting software offerings.

Avii has also done work with large accounting firms in the past to develop proprietary accounting software offerings, such as the employee workspace and portal it developed with Withum last year.

“Instead of a single point solution, we provide more than 20 software tools and solution sets in Avii Workspace that extend, interconnect or replace the deficiencies of existing accounting software systems across tax, audit and advisory practices of all sizes,” said Avii co-founder and CEO Lyle Ball in a statement. “Our investors and customers note that no other accounting software company has transformed multiple decades of institutional knowledge and a market-leading customer base into a vibrant, unified practice management platform at the level Avii has achieved.”

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