ByAllAccounts, a Woburn, Mass.-based provider of reconciliation-ready data for investment management and advisory firms, has raised $5 million in Series A funding. Commonwealth Capital Ventures led the round, and was joined by members of company management.
ByAllAccounts, a provider of reconciliation-ready data for investment management and advisory firms, today announced that it has secured $5 million in Series A funding. Commonwealth Capital Ventures led the round and was joined by members of the company's executive management team. The company plans to use the funding to further support sales, marketing and product development initiatives.
Founded in 1999, ByAllAccounts delivers reconciliation-ready data to investment management and advisory firms. Using innovative expert system technology, the company provides an unparalleled access to financial account data from thousands of custodians and enables efficient and timely account reconciliation, performance analysis and consolidated reporting. ByAllAccounts helps family offices, financial advisors, private banks and other high net worth advisory firms build stronger, more profitable relationships by providing timely, personalized levels of service and better advice based on a more complete understanding of their clients' assets.
“ByAllAccounts has a proven management team and serves a large and growing market with a recurring revenue business model,” said Commonwealth Capital Ventures General Partner Justin Perreault. “The company's products cost-effectively address a common problem shared by wealth management companies, freeing them from back office headaches by providing them with accurate and reliable data so that they can focus their efforts on the valuable advice and direction their clients seek. ByAllAccounts' substantial long-term customer base is a testimony to their ability to understand the needs of their customers and to the value proposition of their offering. We look forward to working with the ByAllAccounts team as they expand and build upon their market leadership position.”
The ByAllAccounts management team is led by CEO, President and co-founder James Carney. The team also includes co-founder Ellen Dickau, Vice President of Engineering, and co-founder Martin Dickau, Chief Technology Officer.
Commonwealth Capital Ventures' Perreault and General Partner Jeffrey Hurst have joined Carney on the company's Board of Directors.
“It was important for us to find an investor that understood our industry and business model and shared our vision,” said Carney. “With Commonwealth's track record of successfully investing in companies that deliver Software as a Service (SaaS) solutions and their collaborative, team-based approach to working with their portfolio companies, they bring more than just capital; they will add significant value to the strategic direction of our organization.”
Founded in 1999, ByAllAccounts (Woburn, MA) delivers reconciliation-ready data to investment management and advisory firms. Using innovative expert system technology, we provide unparalleled access to reliable, accurate financial account data from thousands of custodians and enable efficient and timely account reconciliation, performance analysis and consolidated reporting. We help our customers build stronger, more profitable relationships by providing timely, personalized levels of service and better advice based on a more complete understanding of their clients' assets. Our service is utilized by over 200 leading wealth management firms. For more information, please visit www.byallaccounts.com.
About Commonwealth Capital Ventures
Commonwealth Capital Ventures (Waltham, MA) is a venture capital firm focused on software and services, Internet and digital media, communications and wireless, and instruments and systems investments in the Northeastern United States. The firm's collaborative investment approach leverages the entire team's venture and operating expertise, experience, and contacts to guide portfolio companies through all stages of their development. Since its inception in 1995, Commonwealth has invested in over 140 high-growth companies. Commonwealth currently manages more than $580 million of committed capital across four funds. For more information, please visit www.commonwealthvc.com.