Chartered accountancy body ICAEW has welcomed the acquisition of technology business Engine B by US accounting firm CLA (CliftonLarsonAllen LLP). As part of the deal, ICAEW has sold its existing stake in Engine B to CLA.
Commenting on this, ICAEW chief executive, Alan Vallance, said: “ICAEW warmly welcomes the acquisition of Engine B by US accounting and professional services firm CLA (CliftonLarsonAllen LLP). It is a fitting reward for the hard work of the management team, which in a short period has turned a technology start-up into a successful business.
“ICAEW identified the potential of Engine B at an early stage, and we invested in the company to give it the time and space to develop a platform which could accelerate the adoption of data integration and artificial intelligence across the accountancy profession. We are delighted that our investment has paid off: Engine B’s customers now include accountancy firms of all sizes, and with the backing of CLA, we are confident it has a great future.
“ICAEW has therefore decided that this is the right time for us to divest our stake in Engine B. We look forward to maintaining a strong working relationship with CLA and exploring further areas for collaboration which address the evolving needs of the profession.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
