Benchmark Cloud Accounting, which offers advisory, controller and accounting services, has acquired Botkeeper’s direct customers — reportedly more than 200 businesses across the U.S. in various industries.
Terms of the deal were not disclosed.
Botkeeper provides bookkeeping services powered by its proprietary artificial intelligence-powered technology. Early last year, the company shifted its focus to its accounting firm customers, which use its platform to provide basic accounting functions like bookkeeping to their clients, freeing the accountant partners to focus more on strategic advisory work.
Botkeeper’s decision to divest its business customers to BMCA, which was already one of its accounting partners, is the final step in the company's move to focus solely on the accounting profession.
“As one of our premier accounting partners, we are highly confident that Benchmark will provide these businesses with the best possible accounting and bookkeeping services utilizing the Botkeeper platform they know and count on,” said Enrico Palmerino, founder and CEO of Botkeeper, also in a statement.
BMCA was founded earlier this year, and attracted an initial seed funding round of approximately $5 million. The company aims to provide cloud-based accounting and advisory services to entrepreneurial, tech-savvy businesses.
BMCA CEO Matt Elson called this a “large, strategic move” for the company.
“It’s imperative that we provide services to tech companies in the cloud where they currently operate,” Elson said in a statement. “With timely financial data at our fingertips, we’re focused on advising clients in areas such as forecasting, processes and procedures, due diligence, start-up fund-raising and more. That’s the next generation of advisory services — they need to go from initial seed funding to a liquidity event.”
BMCA plans to continue to expand through acquisition with the help of investors.
