Austin-based finance and accounting software maker Consero Global landed a huge new investment that it will use to expand and acquire other startups.
Consero announced Tuesday that Boston-based BV Investment Partners has made a $50 million private equity investment.
The company said it's one of the largest single funding rounds for a mid-market finance as a service company. It is also among the biggest investments in an Austin-based company this year. (WP Engine secured $250 million in January and BigCommerce closed a $64 million growth equity round in April.)
Consero's cloud-based accounting and finance platform integrates controller and bookkeeping services to help growing companies manage daily operations and be more efficient. It was founded in 2006 by Scott Tynes, a former director of finance at Trilogy Software; Bill Klein, an investor and former senior marketing manager at Agere Systems; and Kiran Jagannath, who previously worked at Trilogy and Oracle.
The company's only other prior funding was a $5 million round from Kayne Partners in 2015.
"Companies don’t want another piece of software to cobble together, they want complete solutions,” Tynes said in a news release. “With this partnership with BV Investment Partners we have the opportunity to grow our customer base exponentially, making Consero the go-to choice for companies who demand both financial excellence and operational efficiency.”
