ProfitSolv Secures Strategic Investment Co-led by FTV Capital and Existing Investor Lightyear Capital

Investment to further accelerate product innovation, organic growth and M&A, solidifying ProfitSolv’s position as a market-leading software and payments solution for legal, accounting and professional services firms

ProfitSolv, a leading provider of practice management software and payments for legal, accounting and professional services firms, today announced a significant strategic investment co-led by FTV Capital and Lightyear Capital. The investment will drive ProfitSolv’s continued leadership position in its core verticals, with a focus on continuing product innovation, strengthening its payments offering and expanding the business through accretive M&A.

The market for practice management software serving the legal and accounting industries is large – estimated at more than $5 billion in the United States – and growing at a 10%+ compounded annual growth rate (CAGR) as professional services firms seek modern technology solutions to automate manual processes and achieve operational efficiencies. Practice management workflows including time and billing, accounting, reporting, client engagement and payments are critical for firms’ operations.

Founded in 2020 and initially backed by Lightyear Capital and Greater Sum Ventures, ProfitSolv offers a comprehensive suite of practice management software and payments processing solutions tailored for the legal, accounting and professional services verticals. The company’s integrated and easy-to-use technology offerings uniquely position ProfitSolv to serve a wide range of professional services firms from single practitioner to 150+ practitioners, supporting their growth and profitability. Against the backdrop of a highly fragmented vendor landscape, ProfitSolv has quickly and profitably expanded its presence in its core industry verticals by successfully executing both organic and inorganic growth initiatives. As a result, ProfitSolv has built a strong client base serving approximately 21,000 businesses across the United States and processing over $20 billion in invoicing annually.

“This new strategic investment is a testament to the rapid success we’ve achieved since our founding five years ago, supported by Lightyear’s deep domain expertise and operating resources, and the hard work of the entire ProfitSolv team,” said Kelley Castell, CEO of ProfitSolv. “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. 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.”

“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,” said Kyle Griswold, partner at FTV Capital. “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.”

"ProfitSolv's value proposition has been validated by strong market demand and our ability to scale the business 10x since its 2020 launch," added Michal Petrzela, partner at Lightyear. “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.”

Terms of the transaction were not disclosed. Guggenheim Securities served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to FTV Capital. William Blair and Raymond James served as financial advisor and Davis Polk & Wardwell LLP served as legal counsel to Lightyear Capital and ProfitSolv.

About ProfitSolv

Founded in 2020, ProfitSolv is a comprehensive suite of billing, payments and software solutions for legal, accounting and other professional services firms. ProfitSolv currently serves approximately 21,000 clients across the United States, helping them meet their business needs with integrated technology solutions. For more information, please visit www.profitsolv.com.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised more than $10.2 billion to invest in innovative, high-growth companies across financial technology and services, vertical software, enterprise technology and services, and healthcare technology and services. Founded in 1998, FTV has developed a highly differentiated and disciplined growth equity model, which leverages the firm’s deep domain expertise and thematic investing approach to help portfolio companies accelerate growth. FTV also provides companies with access to its Global Partner Network®, a strategic group of more than 600 executives from many of the world’s leading financial services firms and FTV Propel®, an in-house team of seasoned operational leaders who deliver counsel and resources across a range of critical business functions. FTV has invested in over 150 portfolio companies, including Agiloft, BillingPlatform, JustPark, Ottimate, SingleOps and Vagaro, and successfully exited/partially exited companies including CardConnect (acquired by First Data), Centaur (acquired by Waystone Group), Egress (acquired by KnowBe4), Enfusion (acquired by Clearwater Analytics), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

About Lightyear Capital

Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, health care and business services. For over 20 years, Lightyear has worked closely with management and leveraged its industry expertise, network of advisors and operating resources to accelerate growth and build market-leading businesses. As of December 31, 2024, the firm had assets under management of $7.2 billion. For more information, please visit www.lycap.com/.

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