ProfitSolv,
the
parent
company
to
a
group
of
practice
management
and
payments
products
for
legal,
accounting
and
professional
services
firms,
said
today
that
it
has
secured
a
significant
strategic
investment
co-led
by
private
equity
firms
FTV
Capital
and
Lightyear
Capital.
The
company
said
that
the
investment
will
be
used
to
drive
product
innovation,
strengthen
its
payments
offering
and
expand
the
business
through
accretive
M&A.
As
I
explained
in
my
series
last
year,
The
Shrinking
Ownership
of
Law
Practice
Management
Technology,
ProfitSolv
owns
the
practice
management
platforms
CosmoLex,
Orion,
Rocket
Matter
and
Tabs3,
the
legal
billing
platform
TimeSolv,
the
legal
payments
platform
LexCharge,
the
CRM
platform
Law
Ruler,
the
social
media
platform
Clear
View
Social,
and
the
website
design
and
marketing
site
TitleTap.
It
was
formed
in
2020
by
Lightyear
Capital,
starting
with
the
acquisitions
that
year
of
TimeSolv,
Rocket
Matter
and
LexCharge.
It
acquired
Tabs3
and
Cosmolex
in
2021,
as
this
blog
reported
at
the
time.
Last
November,
Fortune
reported
that
Lightyear
was
planning
to
seek
a
buyer
for
ProfitSolv.
Last
month,
it
reported
that
the
process
of
seeking
a
buyer
was
actively
underway.
But
today’s
announcement
suggests
that
Lightyear
is
retaining
a
significant
interest
in
the
company,
even
as
FTV
comes
aboard
as
a
lead
investor.
The
company
and
its
investors
declined
to
disclose
details
of
the
amount
or
terms
of
the
deal.
In
announcing
the
investment,
ProfitSolv
said
that
it
has
a
client
base
serving
approximately
21,000
businesses
across
the
United
States
and
processing
over
$20
billion
in
annual
invoicing.
“We
are
thrilled
to
welcome
FTV
as
a
new
investor
–
a
firm
that
brings
unique
expertise
in
scaling
vertical
software
and
payments
businesses
and
shares
our
product-centric
and
customer-first
approach,”
Kelley
Castell,
CEO
of
ProfitSolv,
said
in
the
announcement.
“With
FTV
and
Lightyear,
ProfitSolv
is
optimally
positioned
to
continue
our
ambitious
growth
trajectory
while
remaining
steadfast
in
our
commitment
to
delivering
exceptional
value
to
our
clients.”
Kyle
Griswold,
partner
at
FTV
Capital,
said
of
the
investment:
“ProfitSolv
has
established
itself
as
a
leader
across
the
legal,
accounting
and
professional
services
ecosystem
thanks
to
its
robust
technology
offering
combining
best-in-class
software
and
payments
capabilities.
Unlocking
growth
for
leading
vertical
software
businesses
is
a
key
focus
area
for
FTV.
We
have
strong
conviction
in
the
company’s
platform
and
its
future
growth
prospects
and
look
forward
to
partnering
with
the
ProfitSolv
team
and
Lightyear
to
capitalize
on
the
company’s
exceptional
market
position.”
Michal
Petrzela,
partner
at
Lightyear,
said:
“ProfitSolv’s
value
proposition
has
been
validated
by
strong
market
demand
and
our
ability
to
scale
the
business
10x
since
its
2020
launch.
We
are
excited
to
continue
to
partner
with
Kelley
and
team
for
this
next
chapter
of
growth.
We
welcome
FTV
Capital
to
this
partnership
and
believe
that
our
shared
vision
and
expertise
will
drive
continued
innovation
for
ProfitSolv
in
the
years
to
come.”