Revenue Growth, Profitability and
Redemption of Equity.
Oh my!
Pioneering efficiency and quality in the accounting industry, AuditMiner today announced a significant financial accomplishment, underscoring its explosive revenue growth and sustainable profitability. The tech startup has utilized its strong earnings to strategically reclaim a majority of their shares from Proven Ventures, illustrating the company’s robust financial health and commitment to customer-driven vision.
Revolutionizing Accounting with Tech-Driven Solutions
At the forefront of innovation, AuditMiner has made significant strides in transforming the employee benefit plan audit process for CPA firms. Co-founded by Kelly Mann, CPA and Jason Bogner, the company leverages technology to extract vital 401k data, producing an essential set of workpapers that enable CPAs to enhance their practice's efficiency and competitiveness without compromising on quality.
Revenue Growth: A Testament to Market Confidence
“AuditMiner's sustained increase in revenue is the pillar of our valuation and our operations," stated CEO Kelly Mann. "It's this financial strength that has empowered us to buy back our equity and maintain our strategic direction." This focus on growing recurring revenue streams has not only bolstered the company's valuation but also reinforced its negotiation power and appeal in potential acquisition discussions.
CTO Jason Bogner added, "Our financial resilience has been instrumental in affirming our market standing and in attracting industry-leading talent."
Sustainable Bootstrapped Philosophy
Despite lucrative capital avenues, AuditMiner has adhered to a bootstrapped philosophy, prioritizing disciplined expenditure and market-responsive decision-making. "Our ability to call the shots has been strengthened by our financial prudence," remarked Mann. The approach has resulted in a profitable enterprise poised for enduring success, added Bogner.
Strategic Partnerships: Beyond Investment
While Proven's early investment in AuditMiner was crucial, the recent buyout of a majority of their shares signifies a new chapter of founder-led progression. "Proven’s belief in our vision and values facilitated not just capital but also essential networks and a commitment that resonates with our culture," explained Mann.
Proven Ventures' General Partner Erica Wassinger shared, "Our mission supports founders scaling on their terms. We believe in empowering them through both cash flow and equity ownership. Mann and Bogner exemplify the success of this philosophy.
Future Outlook: Pioneering Ahead
With a solid financial foundation, AuditMiner is set to continue its trajectory of innovation and expansion. "Our journey is a testament to our team and our partners’ support. We’re excited for continued growth development," concluded Mann.