Accel-KKR invests in Aico's financial reporting software

Silicon Valley investment firm Accel-KKR has announced a majority equity investment in Aico, a SaaS platform for large enterprises. Juuri Partners and the management team continue as significant minority owners.

Aico’s software provides financial closing services such as file configuration and automated accounting for faster month-end financial reporting with increased compliance and data accuracy. Interoperable systems have allowed it to accrue customers across a range of industries, redirecting their accounting teams' efforts toward more strategic and high-value work. A typical large customer’s accounting team uses Aico to process half a million documents yearly, saving over 6,000 hours of work time.

Since initial investment from Juuri Partners in 2016, Aico has built a strong international footprint and expanded its annual revenue by over 900 per cent.

With this investment, Aico will seek to bolster its market expansion across Europe, especially in the DACH region, and funding will also support further product development. Accel-KKR is a technology-focused investment firm that has committed a cumulative $19 billion in tech companies throughout the world. The firm focuses on software and tech-enabled businesses. The firm takes a collaborative approach towards companies it invests in, maintaining strong connections with executive teams.

Marko Voutilainen, CEO of Aico Group, said: “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’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.” commented Juuri Partners’ Partner Tapani Varjas.