European mid-market tech investor, Tenzing, announces the launch of Gravita, a new challenger with a vision to transform how small and medium businesses in the South of England receive accounting services.
Gravita today launches as a new challenger brand in the accounting industry with ambitions to become the leading tech-enabled full-service partner for established UK SMEs. It is significantly investing in building a new kind of consolidator that combines the best of breed from high-quality professional services firms to support ambitious SME leaders in realising their growth goals.
Gravita’s vision is to provide a customer-centric solution that combines its team of forward-thinking, strategic experts with intuitive technology to be the tech-enabled accountancy firm of choice for the SME market. It is building a group known for its values-driven culture and consistent excellence to support SMEs with any financial worries, whether relating to resource or significantly complex business challenges. Clients will benefit from access to a full-service firm with trusted, high-calibre specialists all under one roof, offering audit, tax, accounts, financial outsourcing, payroll and advisory.
In September, Gravita, acquired Propel from Deloitte to provide clients with easy access to full-service finance, compliance, and specialist advisory offerings under one brand without compromising on quality.
Caroline Plumb OBE, CEO of Gravita, said: “Our ambition is to build the UK’s leading tech-enabled accounting firm focussed on SMEs, and the launch of Gravita marks a key milestone in our growth journey. Accountancy is an increasingly crowded sector, and the industry landscape has been shifting for some time, with a new wave of consolidators entering the fray. At Gravita, we take a highly collaborative view on consolidation in the market and have a carefully considered approach to finding the right firms who share our future vision.”
Christian Hamilton, Co-Founder of Tenzing, added: “We are delighted to see the launch of Gravita as a new challenger brand in the accounting industry. At Tenzing, we have always been strong supporters of continued innovation and evolution in the sector and welcome a forward-thinking, next-generation firm that wants to disrupt the current status quo. This is a significant step in Gravita’s strategy to transform how small and medium businesses receive accounting services and through its approach of leveraging technology to meet evolving client needs, it offers a unique proposition in the market.”
Propel was the twelfth acquisition Tenzing has supported its portfolio companies with in the last 12 months. Tenzing also provided a dedicated Acquisitions Director to assist Gravita with its strategic investment into ABG in March.
