Tech-enabled, Finance-as-a-Service offering transforms the finance function from support role to growth engine for private equity-backed and middle-market companies
Oak Brook, IL and Austin, TX (February 2, 2021) – E78 Partners, a Chicago-based private equity services and solutions firm, announced today that it has acquired Stride Accounting Solutions, a Chicago-based, finance-as-a-service firm providing institutionally-backed, high-growth organizations with managed accounting and finance services that drive actionable insights for CEOs, CFOs and their sponsors.
Stride’s finance-as-a-service solution comprises a suite of services that optimize the finance function for high-transaction-volume, multi-unit businesses, including those in the healthcare, real estate, hospitality, software-as-a-service and professional services industries. Through its cloud-based, best-in-class technology stack, proven process controls and enterprise-grade outsourcing, Stride is able to serve as an extension of its clients’ organizations, freeing them to focus on their strategic value-creation initiatives.
“The demand for complete outsourced solutions continues to accelerate as companies recognize how a robust, scalable, rapidly deployable financial solution can contribute directly to their business transformation and growth,” said John Signa, founder and CEO of E78 Partners. “We are excited to welcome Stride to the E78 family of companies because they enhance our ability to meet the needs of today’s marketplace and enable us to execute the value creation playbook for acquisitive, buy-and-build healthcare firms and other companies across the range of industries we serve.”
By joining forces, E78 and Stride now offer clients a truly comprehensive finance and accounting solution built around the three main drivers of business success: people, process and technology. In particular, E78 and Stride can now provide clients a dashboard-driven reporting and data platform that delivers consolidated, integrated insights at all levels of resolution, from sophisticated summaries to granular details. The companies’ proficiency with leading software platforms such as Oracle NetSuite, Sage Intacct, Avalara and Workday Adaptive Planning means they have the tools, expertise and methodologies to support clients through multiple stages of growth. Their process controls enhance clients’ efficiency, allowing them to rapidly respond to market dynamics. And the firm’s outsourced services provide proven expertise at critical positions throughout the office of the CFO.
The end result is a program that delivers significant time and cost savings while simplifying and streamlining the client’s finance function. Perhaps most importantly, the expansive financial visibility that E78’s and Stride’s platform provides means that clients now have reliable, on-demand data to better guide their decision-making practices, turning the finance function from a support role to a growth engine.
“This is an exciting opportunity for our clients,” said Rupal Patel, founder and chief executive officer of Stride. “In today’s high-velocity transactional environment, growth companies require a solution that meets their accounting and reporting needs from Day One. By adding our capabilities to E78’s, we can quickly deploy a financial infrastructure that meets their immediate needs while also partnering with them over the long term to enable rapid, scalable growth.”
The acquisition of Stride is the next step in E78’s growth strategy, following the company’s recent acquisition of Austin, Texas-based 9Gauge, a management consulting and technology enablement firm. “We are actively strengthening our role as the first-choice partner for businesses across the entire alternative investment industry, and we continue looking for like-minded companies who share our vision to set a new standard in professional services through a business model that provides private equity firms and their portfolio companies a coordinated suite of technology-enabled, full-life-cycle solutions,” said Seth Deutsch, E78’s executive managing director and chief growth officer.
Stride will continue to operate under its existing brand name during a transition period, and it retains its full leadership team and staff. Terms of the transaction were not disclosed.
ABOUT E78 PARTNERS
E78 Partners is a professional services firm specializing in accounting, finance and technology services and solutions. Founded by private equity professionals, E78 Partners’ engagement teams are led by senior staff members with deep fund operations and industry experience, and they all operate with an understanding of private equity funds’ and portfolio companies’ unique needs. More information is available at e78partners.com.
ABOUT STRIDE ACCOUNTING SOLUTIONS
Stride Accounting Solutions builds and maintains a progressive back-office accounting and finance operation. The company’s outsourced accounting solution combines a best-in-class ecosystem of technology tools backed by proven processes and enterprise-grade talent. More information is available at strideaccounts.com.
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