FOR IMMEDIATE RELEASE
IP Commerce, Inc., a leading provider of software that simplifies small business accounting, announced that it has completed a Series A financing with participation from First Data Ventures, Intel Capital, Meritage Funds, Camp One Ventures, Augury Capital Partners and Service Provider Capital. The company will use the proceeds to expand its team and enhance the functionality of Commerce Sync to better serve the needs of its rapidly growing small business customer base.
Commerce Sync simplifies accounting for thousands of small businesses by providing automation and interoperability between front- and back-office systems. The solution helps business owners realize valuable time savings, increased accuracy, and complete business visibility. In 2015, Commerce Sync relieved small businesses of more than 300,000 hours of manual data entry. According to data released by Intuit, a leading provider of solutions for small businesses, 81% of small business owners say it is important for different software solutions to work seamlessly together and 63% want solutions that save time and money by automating work.
“We are thrilled with the investor group we have assembled. This group brings a collective wealth of highly applicable domain knowledge, coupled with deep experience building large and successful technology companies. Most importantly, they all share our passion for improving commerce – and life – for small business owners,” said Charlie Wilson, President and CEO of IP Commerce.
The company distributes its software in collaboration with leading payments and commerce companies, including First Data, Square, Stripe and NCR. Commerce Sync provides automation and interoperability with leading accounting software, including QuickBooks® and Xero.
As part of the financing, Peter Karpas, Global Head of SMB Solutions at First Data, joined the company’s board of directors.