Finland’s Aico secures funding from Accel-KKR to help companies streamline financial close processes

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Accel-KKR, a global technology investment company, announced that it has invested a majority stake in Espoo-based Aico Group, a company that offers a financial close software platform for large businesses. The funding amount, however, remains undisclosed.

With this investment, Accel-KKR is now joining current investor Juuri Partners as a backer of Aico. Juuri Partners and the management team continue as minority owners alongside Accel-KKR.

Maurice Hernandez, MD at Accel-KKR, says, “Aico has created strong momentum in the financial automation market and has garnered impressive client wins in the competitive Office of the CFO market.”

“Its differentiated technology solutions are mission critical to accounting and finance teams in the record-to-report segment.”

“We appreciate the confidence that Aico and Juuri Partners have placed in us as partners, and we look forward to bringing Accel-KKR’s deep software and growth experience to help Aico take its growth to the next level,” adds Hernandez.

Capital utilisation

With this funding, Aico wants to expand its services across Europe, especially in the DACH region. The company also want to develop and strengthen its financial close platform.

Marko Voutilainen, CEO of Aico Group, says, “We have come a long way with Juuri, from a business focused mainly on the local Finnish market to a truly multi-national enterprise SaaS company. I have valued the systematic, hands-on, open, and constructive cooperation with the Juuri team.”

“I am truly excited to have the deep software experience that Accel-KKR will bring to support our management team. We are very pleased to have two experienced growth investors advancing our journey to become a major player in the financial close automation market.”

Aico – Intelligent Financial Close Automation

Despite the complexity of financial processes and the large volume of documents handled, only 11 per cent of companies have entirely transformed their financial reporting, reports FSN.

Many finance departments still rely on manual processes and disconnected spreadsheets, leading to inefficiencies and errors during month-end closings. This is where Aico looks to make a difference.

Aico’s SaaS platform is designed to handle complex, multinational, and multi-ERP back-office setups with “tight” integration. Its standout features include adaptability to clients’ diverse needs, a user-friendly interface, and real-time data exchange with ERPs. 

This results in faster, more accurate financial close for businesses and provides accounting teams with enhanced transparency and control, allowing them to focus on strategic tasks.

Currently, Aico serves major European companies such as AkzoNobel, International Airlines Group (IAG), Syngenta, Outokumpu, SKF, and many others in the Fortune 500.

In 2023, Aico’s platform saved accounting teams over 6,000 work hours and prevented thousands of errors in financial journals. During November and December, teams produce 2-3 times more documents, highlighting the need for automated processes like task managers, account reconciliations, intercompany invoicing, and journal entries.

Established in 2019 in Espoo, Finland, Aico has offices in Finland, Germany, the UK and Latvia.

Juuri Partners’ investment in Aico

Juuri Partners first backed Aico in 2016, and since then they have collaborated to expand the company’s presence across Europe, including the UK and Germany, to foster growth in these regions.

Since Juuri Partners’ investment, Aico claims to have expanded its global presence and increased its Annual Recurring Revenue (ARR) base nearly tenfold.

Juuri Partners’ Partner, Tapani Varjas, says, “Aico’s financial close automation platform is extremely competitive in the global market. Customer feedback has been consistently positive since its founding.”

“Over the last few years, we have spent a significant amount of time identifying the perfect partner to achieve Aico’s full potential.”

“We are very excited to have Accel-KKR as our partner going forward. Since the very first meetings with AKKR, we had a strong alignment and conviction on how to accelerate value creation to customers and other stakeholders.”

Juuri Partners manages €200M across two private equity funds, supporting entrepreneurs and investing in small to medium-sized Finnish companies. 

The firm offers growth financing, active ownership, and strategic business support, with a diverse investor base including Finnish and international institutions.

Brief about Accel-KKR

Accel-KKR, a tech-focused investment firm, manages $19B in capital commitments. It targets software and tech-enabled companies poised for growth. The firm’s strategy emphasises partnership with portfolio management, leveraging resources for value creation. 

Focused on middle-market companies, Accel-KKR offers diverse capital solutions, including buyouts, growth investments, and credit alternatives. The firm engages in various transaction types and operates from Menlo Park, with offices in Atlanta, London, and Mexico City.

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Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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