Adrian Johnson
TLDR:
- Netgain secured a $35 million minority investment led by Summit Partners to drive product development and team expansion.
- The funding will support Netgain’s goal of automating routine accounting tasks and improving efficiency for finance and accounting professionals.
Netgain: Accounting Software Solutions Company Closes $35 Million
Netgain, a leading software provider for finance and accounting teams, has recently announced a significant milestone of securing a $35 million minority investment led by Summit Partners. This funding round is aimed at driving product development, expanding the team, and continuing Netgain’s mission of helping accountants free up time by automating routine tasks.
Netgain’s software solutions are NetSuite-native, automating key accounting processes such as lease accounting, fixed asset management, advanced revenue recognition, month-end close, loan management, and financial workflow improvements. The company’s acquisition of SuperSync, SCS Cloud’s NetSuite application business, further enhances their offerings for finance and accounting professionals.
Founded in 2018 by Nathan Smart and Adam Riches, former auditors and finance managers, Netgain aims to modernize the Office of the CFO by providing intuitive and complete accounting and finance solutions within the NetSuite ERP. This approach eliminates the need for manual manipulation and reconciliation against external systems and spreadsheets, allowing accountants to focus on driving enterprise value with improved analysis and insights.
Key Quotes:
- “From our earliest days, we’ve been on a mission to build enjoyable, intuitive, and complete accounting and finance solutions that simplify, standardize, and automate a company’s key financial processes—exactly where these processes belong—natively within their NetSuite ERP.” – Nathan Smart, President and Co-founder of Netgain
- “We believe there’s significant opportunity for innovation in the Office of the CFO… Our investment in Netgain underscores our confidence in the company’s ability to deliver modern, integrated solutions that will help the Office of the CFO undergo efficient technological transformation and drive economic growth for their organizations.” – Greg Goldfarb, Managing Director at Summit Partners
Netgain has experienced impressive growth in recent years, with an 80% increase in annualized recurring revenue from 2022 to 2023 and a 400% growth in new customer logos over the past 24 months. With over 1,600 customers and high retention rates, Netgain is poised for continued success under the leadership of Nathan, Adam, and the entire team.
