CIBC Innovation Banking backs VC-backed Practice Ignition

CIBC Innovation Banking has provided a growth capital facility to Practice Ignition, a Sydney, Australia-based accounting and client engagement platform.

CIBC Innovation Banking has provided a growth capital facility to Practice Ignition, a Sydney, Australia-based accounting and client engagement platform. No financial terms were disclosed. Practice Ignition is backed by existing investors Tiger Global Management, Right Click Capital and Equity Venture Partners.

PRESS RELEASE

CIBC Innovation Banking is pleased to announce a multi-million dollar growth capital facility for Practice Ignition Pty Ltd. (“Practice Ignition”), a leading accounting and client engagement platform. Practice Ignition plans to use the financing to deepen its investment in its proprietary product and technology, and further accelerate its global growth momentum.

Practice Ignition provides a client engagement platform and front office system of record for accountants and bookkeepers that facilitates proposals, payments and business insights.

“CIBC Innovation Banking is pleased to support Practice Ignition in its global expansion and continued development of its comprehensive accounting management solution,” said Caroline Tkatschow, Director in CIBC Innovation Banking’s New York office. “Their top tier management team has developed a highly scalable platform that is uniquely positioned to dramatically disrupt and transform the accounting industry.”

Through one digital signature, Practice Ignition automates dynamic workflows, payment collection, and provides valuable data insights to enhance the customer relationship and drive business growth.

“We are focused on building the front end system of record for accountants and bookkeepers as they re-imagine their practices to run in the cloud and transform the way they engage with, and deliver services to, their clients,” said Guy Pearson, Chief Executive Officer and Co-Founder of Practice Ignition. “With COVID-19 accelerating these changes, PI enables our customers to quickly adapt the way they run their practice and interact with their clients to be as efficient as an eCommerce business.”

The Practice Ignition team is building a global platform to optimize every aspect of the accountant and client relationship and transform the way accountants and their clients do business together.

“The last 12 months have seen an acceleration in the number of accountants and bookkeepers moving away from multiple programs and tools to using a smart connected front-end system which can drive their back office,” added Pearson. “With the new product improvements we are bringing to market, we are excited to help our customers recover and grow through these challenging times where accountants and bookkeepers play such a vital role in helping businesses adapt and survive. We are pleased to work with CIBC Innovation Banking to help power our next phase of growth.”

In 2019 and 2020, Practice Ignition was named in the Deloitte Fast 50 and is consistently ranked as one of the most loved apps by both Intuit and Xero customers. Practice Ignition is backed by existing investors Tiger Global Management, Right Click Capital and Equity Venture Partners.

About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.

About Practice Ignition
Practice Ignition is the leading client engagement, revenue and payment platform for accountants. The software facilitates the creation of proposals, payments, insights, scope management, and integrations for accountants to engage with their clients. Practice Ignition supports over 225 thousand clients globally with offices located in Australia, the USA, UK, Canada and New Zealand. Contact – Jackie Brian, jackie.brian@practiceignition.com, +61 466348796