Accel-KKR Backs Aico’s Financial Reporting Software with Investment

Aico's software effectively reduces the administrative burden on accounting teams by a significant margin, saving approximately 6,000 hours per year. This substantial time savings allows accounting professionals to focus their efforts on more strategic tasks, ultimately enhancing productivity and efficiency within the organization.

Accel-KKR, a prominent Silicon Valley investment firm, has recently announced a majority equity investment in Aico, a leading Software-as-a-Service (SaaS) platform catering to large enterprises. Despite this investment, Juuri Partners and the existing management team will retain significant minority ownership in Aico.Aico's software specializes in providing financial closing services, including file configuration and automated accounting processes. By streamlining month-end financial reporting, Aico ensures faster turnaround times, heightened compliance, and improved data accuracy for its clients.

The platform's interoperability has facilitated its adoption across various industries, enabling organizations to redirect their accounting teams' efforts towards more strategic and high-value tasks.An illustrative example of Aico's impact reveals that a typical large customer's accounting team utilizes the platform to process approximately half a million documents annually, resulting in a remarkable saving of over 6,000 hours of work time. This underscores Aico's commitment to revolutionizing financial processes and empowering enterprises to optimize their operational efficiency and effectiveness.

Since receiving its initial investment from Juuri Partners in 2016, Aico has demonstrated remarkable growth, establishing a robust international presence and increasing its annual revenue by over 900 percent.With the latest investment from Accel-KKR, Aico aims to accelerate its market expansion efforts across Europe, with a particular focus on strengthening its presence in the DACH region. Additionally, the funding will support further product development initiatives, ensuring that Aico remains at the forefront of innovation in the financial technology sector.

Accel-KKR's extensive track record and expertise in the technology investment landscape make them an ideal partner for Aico's growth journey. As a technology-focused investment firm, Accel-KKR has committed a cumulative $19 billion to tech companies worldwide, with a focus on software and tech-enabled businesses. Known for its collaborative approach, Accel-KKR maintains strong connections with the executive teams of the companies it invests in, fostering a partnership-centric approach to driving success and growth.

Marko Voutilainen, CEO of Aico Group, expressed his appreciation for the partnership with Juuri, highlighting the journey from a local Finnish-focused business to a globally recognized enterprise SaaS company. He commended Juuri for their systematic, hands-on, open, and constructive cooperation throughout the growth process.Voutilainen also expressed enthusiasm about the partnership with Accel-KKR, emphasizing the deep software experience they bring to support Aico's management team.

He stated his excitement about having two experienced growth investors onboard to advance Aico's journey towards becoming a major player in the financial close automation market. This sentiment reflects Aico's commitment to leveraging strategic partnerships to fuel its continued expansion and success in the industry."Aico’s financial close automation platform has proven to be highly competitive in the global market, garnering consistently positive feedback from customers since its inception.

Over the past few years, we have meticulously sought out the ideal partner to help Aico realize its full potential. We are thrilled to have Accel-KKR join us as our partner for the journey ahead.From our initial meetings with Accel-KKR, there has been a strong alignment and conviction on how to accelerate value creation for customers and other stakeholders. Their expertise and collaborative approach make them an excellent fit to support Aico's continued growth and success." - Tapani Varjas, Partner at Juuri Partners.