Netgain Announces $35 Million Investment from Summit Partners to Accelerate its Mission to Modernize Accounting

DENVER, April 3, 2024 /PRNewswire/ -- Netgain, a leading software provider for finance and accounting teams, today announced a $35 million minority investment led by global growth investor Summit Partners. The funding will be used to fuel product development, team expansion and support Netgain's overall commitment to helping accountants gain time back in their day by automating routine tasks.

Netgain was founded in 2018 with a mission to modernize the Office of the CFO. The company's founders, Nathan Smart and Adam Riches, began their careers as auditors, controllers and finance managers, experiencing firsthand the technical and time-consuming challenges that accounting and finance professionals face.  

Netgain's NetSuite-native software solutions help to simplify and automate key accounting processes, including those related to lease accounting, fixed asset management, advanced revenue recognition, month-end close, loan management and improved financial workflow—all without requiring the user to leave their system of record.

"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," said Nathan Smart, President and Co-founder of Netgain. "Rather than manually manipulating and reconciling against external systems and spreadsheets, accountants can now confidently rely on financial data from a single source of truth, enabling more focus on driving enterprise value with improved analysis and insights."

The accounting industry is facing a significant talent exit, with declining enrollments at accounting programs and a record number of retirements. This workforce shortage further exacerbates the widespread experience of burnout for accounting and finance teams that are managing long working hours and increasing regulatory oversite with dated technology. Netgain helps address these challenges with solutions designed to not only save time for accounting teams, but also deliver transparency and visibility into the financial situation of the business so accounting and finance teams can drive impactful business decisions.

"We believe there's significant opportunity for innovation in the Office of the CFO. Today, many accounting and finance teams are still working with multiple tools and brute-forcing solutions in spreadsheets—drastically limiting the efficiency and effectiveness of these teams. 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," stated Greg Goldfarb, a Managing Director at Summit Partners who has joined the company's Board of Directors.

"Netgain has experienced impressive growth over the last several years—growing annualized recurring revenue by 80 percent from 2022 to 2023 and new customer logos by 400 percent in the past 24 months. Netgain now has over 1,600 customers with high retention. We look forward to working with Nathan, Adam, and the entire team to continue building on this momentum," added Goldfarb.

This funding announcement comes on the heels of the news that Netgain has acquired SuperSync, SCS Cloud's NetSuite application business, in order to better serve the needs of finance and accounting professionals in need of greater integrations and fulfillment capabilities.

About Netgain

Netgain is transforming the accounting practices of companies around the world. With each passing quarter, we continue to develop and enhance tools that not only meet the evolving needs of the finance sector but also set new standards for operational excellence to streamline lease accounting, fixed asset management, loan management, closing the books and more within NetSuite. Learn more at netgain.tech or follow us on LinkedIn.

About Summit Partners

Founded in 1984, Summit Partners is a global alternative investment firm with capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.

SOURCE Netgain Solutions