Crete Professionals Alliance Reimagines Accounting for the 21st Century
02 Mayo 2024 - 8:00AM
Business Wire
With Strategic Investment, Crete to Infuse
Cutting Edge Tech, Including AI, into its Alliance of Accounting
Firms
Crete Professionals Alliance (“Crete PA”), an alliance of
accounting and professional services firms, announced today that it
has raised strategic capital in a round led by Thrive Capital and
Bessemer Venture Partners. With this infusion of capital, Crete PA
will be able to accelerate its plans to bring more firms into its
alliance, while helping the firms enable and scale technology,
including leveraging Artificial Intelligence, to bring accounting
into the 21st century.
“Thrive and Bessemer both have proven track records as investors
and innovators in fast-evolving technology, including artificial
intelligence and vertical software,” said Jake Sloane, Co-Founder
of Crete PA. “With their support, we believe we’re uniquely
positioned to utilize technology to enhance the productivity of our
partner firms and our employees’ professional development and
opportunities, while maintaining our commitment to delivering
excellent client service.”
“Crete is the perfect strategic partner for regional firms
working to grow in a rapidly evolving industry,” said Kareem Zaki,
Partner of Thrive Capital. “Thrive is thrilled to partner with
Crete to empower independent accounting firms to keep what makes
them special locally, while helping them expand their capabilities
to take advantage of the new technological breakthroughs built for
accounting.”
“We’re excited about Crete’s ability to provide the resources of
a scaled national platform to accounting firms, while maintaining
their independence in brand, culture, and day-to-day operations,”
said Brian Feinstein, Partner at Bessemer Venture Partners. “While
many firms are talking about this industry’s rapidly evolving
technology, Crete is acting on it, and we’re excited to support
them in that mission.”
Historically, independent accounting firms have faced two
options: remain independent with more limited resources or merge
upstream and dissolve their identity. Crete PA’s partnership model
preserves local autonomy and culture while tapping into national
platform capabilities and cutting-edge technology solutions. These
value-added back-office services include dedicated recruiting,
finance, accounting & business analytics, legal &
compliance, insurance & benefits, enhanced technology, and
growth operations, and this model has led to alliances with a
growing number of accounting firms with multi-decade track records
of excellent client service.
ABOUT CRETE PROFESSIONAL ALLIANCE
The accounting industry is fundamentally changing, partially
driven by the uptick in Mergers & Acquisitions (M&A)
activities in the past several years. Crete Professionals Alliance
(“Crete PA”) established itself in 2023 to create an alternative to
the traditional exit options for accounting and professional
services firm owners. Crete PA partners with firms across the
country to complement their existing strengths and support their
future growth. Its structure supports local leadership, local
brands, and local cultures while providing access to its national
back-office resources and financial backing. Crete makes investment
in the non-attest businesses of accounting firms, all of which
adopt an alternative practice structure.
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Media Contact David Finkelstein Crete PA
David@Cretepa.com