Today, European tech investor Tenzing announced that its portfolio company, Gravita, has partnered with two leading accountancy practices. Top-65 chartered accountancy firm Carter Backer Winter (CBW) and technology and startup specialist Davis Grant become the third and fourth practices to join Gravita on its mission to become the UK’s leading tech-enabled accounting firm for established SMEs.
Gravita moves into the UK’s top 30 accounting firms following the transactions and continues to build a values-driven, tech-enabled challenger to traditional accountancy firms. These deals increase overall headcount by 67% to 390+ professionals and further establish Gravita as a business that puts people and clients at the heart of its growth strategy.
Carter Backer Winter and Davis Grant are Gravita’s third and fourth transactions, respectively, after joining forces with Arram Berlyn Gardner (ABG) and partnering with Propel, formerly part of Deloitte. The new partnerships build further momentum behind Gravita’s strategy to revolutionise how fast-growing small and medium businesses receive accounting services.
The CBW deal brings into the Gravita family an award-winning full-service City accountancy firm built on consistent hands-on service and long-standing relationships. CBW has created an outstanding employee experience that will complement Gravita’s continued investment in its people. According to research by Best Companies, the firm was recently ranked second in the UK accountancy sector’s best firms to work for in 2023.
By partnering with Davis Grant, Gravita teams up with a firm with deep sector expertise in the technology industry and a high-quality client base. Its impressive portfolio of clients includes fast-growing startups backed by the likes of Balderton Capital, Notion, Octopus Ventures, and Passion Capital. This partnership further strengthens Gravita’s ability to deliver outstanding results for its growing client base of high-quality small and medium-sized businesses.
Caroline Plumb, CEO at Gravita, said: “I’m delighted to welcome our new colleagues to Gravita as we continue on our mission to become the UK’s leading tech-enabled accountancy firm for growth businesses. We want to be at the forefront of the consolidation sweeping through the accountancy industry, and our partnerships with both Carter Backer Winter and Davis Grant are the next steps on that journey. CBW is a recognised people leader with a strong reputation for delivering outstanding services to clients. Davis Grant is a tech-focused leader in its field that also enjoys an exceptional reputation among its client base. Both firms share the view that investing in people is paramount to long-term success, and we’re thrilled that Gravita will offer a new platform to take team training, development and overall employee experience to the next level.”
Peter Winter, Managing Partner at Carter Backer Winter, said: “It is clear that Gravita has the right team and platform to ensure that what we’ve built over the past 65 years continues to succeed and evolve. We recognise the value in creating a leading experience for our teams and clients, and we are delighted to join Gravita as they push the boundaries on what a forward-thinking and enterprising experience can look like in the future.”
Barry Chernoff, Partner at Davis Grant, said: “Partnering with Gravita will enable us to continue delivering excellent client experience through a coherent and bolstered offering. Given its strong reputation, high-quality client base and plans around innovation, joining Gravita feels like a natural fit, and the team can’t wait to collaborate in redefining accountancy for fast-scaling SMEs.”
Mike Reynolds, Investment Lead at Tenzing, said: “We are very excited to welcome both Carter Backer Winter and Davis Grant to Gravita. We have known the teams for a while and feel there is a great cultural alignment and a shared vision for the future of accounting. CBW has strong digital and data capabilities as well as a strong culture which will be a fantastic addition to the innovative, inclusive culture we are building at Gravita putting teammates and clients first.”
Tenzing provided a dedicated Acquisitions Director to assist Gravita with the acquisition.