Private equity firm Summit Partners has made a $35 million minority investment in Netgain, a software provider for finance and accounting teams.
Netgain was founded in 2018 with a mission to modernize the office of the CFO. Netgain’s software services aim 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. 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.
“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,” states Greg Goldfarb, a managing director at Summit Partners.