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.”

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